Ah ha! Chuck,

You are not to far from the truth. I know of a guy who is making rims for banjos out of the stuff.

By the way, this wood has sat under the water in Lake Superior for over 100 years, so it's old wood too. It's maple so you could make a guitar out of the stuff. Man, what if you made a guitar a kin to the Gibson Jumbo using submerged wood. How about an F-5?