Many have talked about it, but now someone is doing it!
Manfred Fuchs, (GPS-Results) has written an App for Android Smartphones for GPS Windsurfing/Kitesurfing/Icesailing etc.
It is in the testing stage at the moment but is apparently working quite well (I have not tested it yet as we have a house full of iPhones

, but I am trying to find a modestly priced Android to buy and try).
It can show you the things that the GT-31 shows after each run and a few more things. It can't do Alphas yet, but I gather Manfred has that in mind.
quote from Manfred:
"You can install it on any recent Android cell phone (preferably >= 4.2.2) with at lest 480 x 800 pixels screen resolution. The default saved file-format is SBP that can be processed by GPSResults and uploaded to GP3S, however, for other purposes GPX- and NMEA-format is possible as well. For the last run categories (max, 2s, 10s, 250m, 500m) the speed has first to raise above the Min. speed (red line in the graphics, selected units apply) and then drop below that speed to produce a value. The settings are saved and read before the next start of the app. The line graphics displays the last 10min (600s) of valid points. The whole view can be zoomed and dragged as usual with two respectively one finger(s). As mentioned earlier the App records Dopplerspeeds from the GPS-chipsets that are implemented in all recent smartphones, so the accuracy is comparable to a GT11, the only missing item is the Dopplerspeed-error (SDOP) that only the GT31/GW52 or ublox-based units support. So for record purposes it is not suited, however, for fun rankings it is way better than e.g. positional data from Garmin etc. units. The SBP-file could be posted directly from the smartphone to GP3S or processed by the GPSResults App. I plan to integrate both Apps, but that should be enough for the moment..." No info in price at this stage or release date, but I assume it will be on sale soon.
All you really need now is a really, really reliable waterproof receptacle in which to wear it!
Anyhow, as the fable goes, a picture is worth a thousand words: (Screen picture of Beta):