That is the USN PHM hydrofoil that you are referring to. Their Key West duty was their only real deployment after they were constructed, originally as fast attack craft with anti-ship missiles. Incredibly capable machines but with high cost of operation and maintenance, they were unceremoniously scrapped by the navy quite a few years back. One survives in the hands of private owners who hope to restore it to operational condition..a lofty goal. http://www.ussaries.org/ But powered hydrofoils are 'not dead yet'..here's a shot of one (of the slender monhul, ama-stablised off foil variety) that is still around ( a model/test craft) and a larger version is being built in Norway.