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Potentially yes but it really depends on how well your machine prints. If you look at a print with a magnifying glass there are often very fine gaps and holes between the strings of filament. Water will fill these. However, it will probably float but sit very low in the water. The other issue is stability... being so long and thin it will have a tendency to roll to the side. With a bit of 'post processing (including paint to seal the holes/gaps) you should be able to improve it...