sboardcrazy said..
I do try and lift the mast up out of the water that's where I get into trouble I just sink and glub glub even with a buoyancy vest..
This is actually a common misconception - you shouldn't be lifting the mast... the *sail* should be sliding out of the water at some non-directly-vertical angle... you do this by moving the mast as required.
The easiest way to do this, is to put the mast/boom on the back of the board, then pull the mast into the wind.