On May 16, 2004, at 1530 eastern daylight time, an unregistered amateur-built High Craft Buccaneer seaplane, was substantially damaged during landing on a lake in Glasco, New York. The student pilot received minor injuries. Visual meteorological conditions prevailed and no flight plan was filed for the local personal flight conducted under 14 CFR Part 91. According to the student pilot, he was preparing for a landing on the lake when he was "distracted" by people standing on the docks waving to him. He stated that he removed his hand from the throttle to wave back, and the engine rpm decreased momentarily. He then applied power; however, at an altitude of about 40 to 50 feet, he "inadvertently stalled the airplane," and it "pancaked" onto the water. After impacting the water, the seaplane overturned, coming to rest inverted. The student pilot stated that he had purchased the seaplane about three weeks prior to the accident, and the accident flight was his first flight in it. He also reported no mechanical deficiencies with the seaplane. Examination of the seaplane by a Federal Aviation Administration (FAA) inspector revealed substantial damage to the right wing and fuselage.