Answer: springaleak

AnswerCrossword Clue
SPRINGALEAKStart dripping, as a water pipe
SPRINGALEAKDo it and you'll sink or swim
SPRINGALEAKStart seeping
SPRINGALEAKWhat boaters hate to do
SPRINGALEAKCause one to sink or swim?