Years ago I was asked to take pictures of a guy doing that with a 16' Stingray with a 135hp...After the photo shoot, I took a look at the transom. The boat was rated for 110 hp....yes the transom was showing some stress cracks....
For his other stunt he would wheelie the boat, start to drop the nose by trimming it down and backing off the throttle, then as the nose was three or four feet of the water, he would pin it and the stupid boat would jump out of the water. Looked cool but it sounded terrible, you'd hear the motor rev up and then the boat would slam into the lake.