A wooden block is submerged in a tank of water and pressed down against the bottom of the tank so there is no water underneath it. The block is released. Will it rise to the surface or stay where it is?
I think it will rise to the surface because of the air holes coming out.
See these possible sources discussing density:
http://www.madsci.org/posts/archives/mar98/888747058.Bt.r.html
http://www.school-for-champions.com/science/fluidfloating.htm
I hope this helps a little more. Thanks for asking.