Hmm. A constant upward force would be most physicaly accurate. If you have the patience to set realistic density values you could make it look even better - basically the force is the density of water divided by the density of the object multiplied by gravity. Even better would be to multiply this by a number between 0 and 1 representing the amount of the rigid body submerged. As you can see, this force can be greater than gravity (if the object density is less than water), this is how things float. You're also going to want to make linear and rotational damping alot higher for the rigid body - preferably based on the amount submerged, but doesn't really matter. Water friction, as you probably know is very dramatic.
tokamak physics thread 4
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