Hi,
I work at the RNLI and can confirm the faster the engine revs the more water comes out. The type of silencer that g6swj mentions is what my old man has on his boat. The water fills a trap, when it is full it ejects the water, hence the disturbed flow of water, it comes out in burst. Lifeboats don't have these water traps so the flow is constant. The exhausts are straight through. Also, with a petrol model that I built, I have exhaust tubes that are about 100mm long and water is injected straight into the middle of the diameter. By the time the water gets to the end it 'rolls' out of the tubes like a lifeboat would...something to bear in mind rather than having a jet of water out the back.
So hopefully that helps a little bit
Hopefully got a picture to show the effect of the water too..
If you scroll down on my topic you can see what I mean, the smaller 6mm tube is for the water.
http://www.modelboatmayhem.co.uk/forum/index.php/topic,52184.0.html