The pilot stated that he departed from the Okeechobee Airport and headed toward the lake to practice touch and go landings on the water. When he arrived at the lake, he turned into the wind, which caused the nose of the airplane to rise. He over corrected, causing the nose to dip sharply. He had his hand on the throttle. The abrupt movement made him apply full throttle and push the flight controls to the left, which made the airplane make a sharp left turn throwing him out the right side of the airplane. The airplane leveled itself off and flew about a mile before it came down and flipped over in the shallow water. A friend, who was flying with him in his own airplane, saw what had happened. The friend called for help and got the attention of a nearby fisherman, who came to his aid and brought him to the shore. The pilot stated that there were no mechanical failures or malfunctions to the airplane or any of its systems prior to the accident.