You can do it if you replace the foam somewhere else in the boat. I've seen guys make floor boards and put a layer of foam under the floor. I wouldn't take the foam out without replacing it though, as it is engineered to keep the boat floating. When they manufacture boats they calculate how much foam is needed, so it will infact keep it afloat.
Check out tinboats.net, its got tons of threads about this type of thing.
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