My wife gave me a Raymarine ST40 depth instrument which came with an Airmar external (drill a hole) transducer. Being a trailerable boat, I was a bit leery of an external transducer - drilling a hole, possibility of damaging the transducer on a roller - so I wanted to mount it inside.
To test this, I put the transducer in a baggie with some water, and experimented with different internal locations. It was easy to find several good locations, so I picked the best. I fabricated a transducer "tank" out of a short length of PVC waste pipe, with a plywood + epoxy base. I siliconed this tank to the hull. I carefully sawed off the flange of the Airmar transducer, plunked it in the tank, added a couple inches of water to the tank... and it worked perfectly all last season. Some articles suggest you use mineral oil or RV antifreeze in the tank, but water's just fine as long as i remember to pull the transducer out and empty the tank before winter.