The Owner's manual shows the valve arrangement, which is a simple plate with a gasket adjacent to the centerboard. It should be watertight when closed. The only way water will enter is with the valve open and the vent plug pulled out on top in the recess by the ladder to the cabin. You will hear the air rush out the vent like crazy with the boat in the water and the vent open. The bouyancy of the boat prevents the water from rising above the cabin floor level, (it won't sink). By the same token to drain the ballast when you pull the boat out, the vent plug needs to be pulled to allow air to enter (like the vent on a plastic water jug, or gas can). Air in, water out and visa versa. Be sure to close the valve, which pulls the plate up, when the ballast tank is full (not taking any more water). The tank holds approximately 120 gallons of water (1,000 pounds). Be sure also to put the vent plug in when sailing, as the water moves with the boat and can come up the vent if you have the boat heeled excessively. Another thought is to add some Clorox to the water thru the vent hole if you leave the boat in the water for an extended period. The water left untreated can get really stinky. Mike CollinsYacht "C" 1993 23.5