Fire!

A few weeks back Lowcountry Red on the site posted in the Boats and Motors page about his recent experience with a small electrical fire onboard his boat. Fortunately he was prepared with proper knowledge and equipment to take control of the situation before it turned into a major disaster. In his account of the events he noticed smoke coming from the rear of the boat just after launching. He immediately shut down the motor, killed the electrical power, and grabbed the fire extinguisher. What would you do? Scott Croft with Boat US just released an excellent article comparing fires and discussing proper preparation.
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http://old.charlestonfishing.com/news/fire.pdf