It is possible but you hae to remove the engine and radio box. Then you need to clean the inside of the hull. I recommend to use a 40 size brushless motor with a 3/16 coupler for a 5mm motorshaft. Your current hardware is fine but you need to waterpoof the hatch using waterproof tape like this:
http://cgi.ebay.com/Aquacraft-1-2-Wa...item5199eb8bc5