Looks like a diamondstar did just that the other day and the guy made it out okay...
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** Report created 3/3/2008 Record 3 **
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IDENTIFICATION
Regis#: 895MS Make/Model: DA40 Description: DA-40 Katana
Date: 03/01/2008 Time: 2015
Event Type: Accident Highest Injury: None Mid Air: N Missing: N
Damage: Destroyed
LOCATION
City: KEY WEST State: FL Country: US
DESCRIPTION
AIRCRAFT ON APPROACH, ENGINE FAILED AND CRASHED INTO THE OCEAN, THE ONE
PERSON ON BOARD WAS RESCUED BY BOAT, KEY WEST, FL
INJURY DATA Total Fatal: 0
# Crew: 1 Fat: 0 Ser: 0 Min: 0 Unk:
# Pass: 0 Fat: 0 Ser: 0 Min: 0 Unk:
# Grnd: Fat: 0 Ser: 0 Min: 0 Unk:
WEATHER: KEYW 011953Z 03013KT 10SM CLR 26/15 A3016
OTHER DATA
Activity: Unknown Phase: Approach Operation: OTHER
FAA FSDO: SOUTH FLORIDA, FL (SO19) Entry date: 03/03/2008