I would, then put a large life insurance policy on this friend, then when they are out drinking, they could acidentally drown, then you can pay the boat off, and name it after your friend.
otherwise, I wouldn't do it, it would be a huge strain, not filling the tank, not cleaning after use, scratches, just to many things to go wrong. it would be a good idea, unless you think you could both be on the same level with it. some people are very specific.