Waterlogged boat

[Sluggoslinger]

I've got a 1993 22' Mako and it is a dog. With a new 150 Honda on it it will do about 25 Knots at wide open. This weekend, I went under the the console and unscrewed one of the ports to check out the foam and it was totally soaked, I stuck my finger in the foam and it felt mushy. I think this could explain why the boat is so incredibly slow and heavy. I know it was a heavy boat but even the mechanic that installed the motor remarked that it should be faster than it is.

Is there any way to dry out the foam or fix this problem without a major cost?

Thanks