That was a Kulbit, not a Cobra.
I was there that day- it was the Miss Elam during a practice run at Seafair in 1994. The driver got pretty beat up in that one, and the boat broke in two. The Ellstroms went to conventional 3-point hydros after that, and have had some pretty good boats over the years.
In 1997, the Miss Elam got jumpy in a turn and climbed on right top of the Miss Budweiser. The now "double decker" Miss Bud proceeded to head straight for the log boom where the spectator boats were rafted up (doing about 150mph). They came to a stop about 50 feet from the boom.
I love hydro racing- Lake Washington is one of the roughest courses on the circuit, we see a lot of crazy sh*t, lol. Plus it's always cool to have the Blue Angels in town...