The GoPro HD Hero cameras are great for this. Get an extension pole, and with their wide angle lens, you can get some great shots of your own boat! They take videos or stills, are waterproof to nearly 200 feet, very rugged, and only about $300. I have no financial interest in this endorsement, only sharing this info out of my enthusiasm from getting my own last year. I'm still not that great at video editing, but if you are on Facebook, check out my Pirate Racing page, there's a few videos there.
