On January 28, 1996, at 1100 central standard time, a Beech 77, N6706C, registered to and operated by a private owner as a Title 14 CFR Part 91 personal flight, was substantially damaged during a forced landing near Grand Prairie, Texas. The private pilot received minor injuries. The local flight originated from Grand Prairie, Texas, at 1000. Visual meteorological conditions prevailed and a flight plan was not filed. During interviews with the investigator-in-charge and the FAA inspector, the pilot reported the following information. The pilot flew to Cleburne, Texas, to conduct traffic pattern work; however, due to the traffic pattern being too crowded, he elected to return to the Grand Prairie Airport. On the return flight, the fuel boost pump was turned on and the pilot smelled a strong odor of fuel. The engine began to lose power and the fuel boost pump was turned off. Carburetor heat was applied and the engine continued to lose power. Full throttle was applied; however, the engine only produced 600 to 700 RPM. The pilot added that he was concerned about a possible inflight fire and elected to execute a forced landing to Joe Pool Lake. The pilot further reported to the FAA inspector that during the water landing he stalled the airplane a "little high." As the airplane contacted the water, it nosed down. The pilot egressed and climbed onto the inverted airplane. As the airplane began to sink, the pilot swam to a buoy where he was rescued. Examination of the airplane by the FAA inspector revealed one wing was separated, and one fuel tank contained blue tinted fuel and water. According to the FAA inspector a successful engine run was accomplished, and no anomalies were found with either the carburetor or associated fuel system components.