Ditto all of this.
Don't sheath. Fix the ribs: this can be done by laminating new ones in place and is not a hard job, tools are nearly all found in everyone's shed. Also, recaulk.
The wetness at the mast step maens that the seams are flexing a bit too much, but remember, all wooden boats are supposed to leak a bit, so think about how much the boat leaks here.
It may be that the broken ribs are near the mast? Fix these and recaulk. You may need to build a slightly bigger "ring" frame (best done in laminate) where you frame right round thee inside of the hull at the mast. This stops the mast and keel moving in relation to each other. A combination of all three and the job's a good'un.
Oh, and once again- don't sheath. Kinder all round if you sell the boat to someone who wants to do the work. Would you sheath a sick horse in epoxy or shoot it?
-------------------- "Let Joy be unconfined!"
I'll get her chastity belt keys, then..
http://www.linesquall.co.uk
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