Mythbusters did an episode on this very subject. They proved that it could have worked and would have been near impossible to sink. It would have also been the only ship in the tropics with the crew working in Parkas and long underwear!
Well done, sir. This makes up for the José Ferrer faux pas. Here's your cookie.
'NOTHER QUESTION:
What is this? Where was it used? Was it successful?