THE ACCIDENT AIRPLANE HAD JUST TAKEN OFF BEHIND ANOTHER AIRPLANE, BOTH WITH A SPECIAL VFR CLEARANCE. THE PILOT STATED THAT AFTER REACHING ABOUT 350 FEET AGL, BECAUSE OF THE LOW CLOUDS, HE BEGAN TO LOSE SIGHT OF THE OTHER AIRPLANE. WHEN HE REDUCED POWER TO STOP THE CLIMB, THE ENGINE SPUTTERED. HE ATTEMPTED TO EXECUTE A STEEP 180 DEGREE DESCENDING TURN FOR A PRECAUTIONARY LANDING INTO THE WIND. THE AIRPLANE HIT THE WATER IN A NOSE LOW ATTITUDE BEFORE THE TURN WAS COMPLETED. NO PROBLEMS WERE FOUND WITH THE ENGINE OR AIRPLANE.