David,
I have seen this before on two other boats. Not exactly the same thing, but  
the results were the same, water in the bilge. The repair is fairly easy, but  
does involve thoroughly drying the trunk and then a lot of crawling around 
under  the boat while on the trailer or on a lift.
Pictures would be helpful if you have a digital camera. If interested in  
doing the repair yourself, let me know and I will post an in depth guide to the  
repair.
As Ed mentioned, this might be done easier by GB if the drive won't kill  you.
Generally this type of damage is indicative of a hard grounding or other  
abuse, usually by a previous owner. Previous owners can be real pains in the ass  
sometimes.
 
Rummy