This video from Nanaimo, BC shows one of the best silly boat races I've ever seen. It's true seasonal fun, with a healthy dose of competition added in for some teams.

My vote for the best balance between silly show and peak performance goes to the second place finishers, who (as a team of three, one of whom is swimming) give the first place 6-person team a run for their money. And all while trailing some serious windage, including an inflatable bumblebee. It's not completely clear from the description, but I think this team's name was Community Living "BEE" C. (Get it?)

Silly boat race on Vancouver Island