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1) yes you can pull the plug and drain the water but usually the bilge is faster at rest. The hull will not completely drain with people and gear aboard and weight of engine(s).

2) Most common practice is to make sure everyone is seated and not to move as quick movement of a large amount of water is the quickest way to flip. Pull the plug and get boat to the point of almost planning. Usually the majority of the water will wash over the transom and out. Once boat is dry, return plug to its proper hole.

3) If you see large waves headed in your direction, try and have the bow towards them.