But then, I'd expect the boat to break much sooner than they get out of air, or even completely under water.
I think it'd float to the top though. It'll need some kind of weight...
A one ton metal boat shaped object would do:
http://kwc.org/mythbusters/2007/11/episode_92_pirates_2_row_...
> I think it'd float to the top though. It'll need some kind of weight...
A simple way of thinking about it is that boats float because they contain air (rather than water). The fact that they are upside down or the right way up changes little.
Since the rowboat can support two people, it should definitely float to the surface, dragging them along with it.
Only if the air bubble occupied the entire inner portion of the hull. If it were, say, only half the volume of the hull - I suspect it would be neutrally buoyant with the weight of two people.
*depending on depth and body composition, but give or take a bit, neutral.
http://www.huffingtonpost.com/2013/12/05/cook-survived-sunke...
If that was overcome (e.g. with some weights or strings holding it down), it would be perfectly fine to breath in there for a while.
So, aside from the buoyancy issue, not only it's not "dumb", but that's exactly how old "diving bells" worked.
(Though I agree with coldtea that the PotC scene wasn't that bad.)