VIDEO: Wacky regatta rules challenge skippers' boat-making abilities

KEY WEST, FL -- A wacky regatta race took place in Key West over the weekend. Hundreds of spectators gathered to watch 37 sailors skipper cobbled-together boats made out of duct tape and plywood in a soapbox derby-like race on water.

The 24th annual Schooner Wharf Minimal Regatta required contestants to build a seaworthy boat by only using one sheet 4-by-8-foot 1/4 inch plywood, two 8-foot-long two-by-fours, a roll of duct tape, a pound of fasteners and epoxy paint.

Several prizes were given out to creative vessels who met the criteria. Each six person team had the opportunity to win prizes for the fastest boat, most creative design, best paint job, best costume and sportsmanship.

One standout entrant in the offbeat event was dubbed the 'First Ferry to Cuba,' skippered by a Raul Castro look-a-like, who promptly took his turn in the drink.

The regattas not quite ready for the high seas, or maybe those who hit a snag during the race, could be awarded the dreaded "sinker" honor.