The basic premise, to build a strong, inexpensive inflatable boat. If you look at the Zodiacs, you'll see they run into the thousands of dollars. Even the lower cost (smaller) inflatables at WestMarine sell for over a thousand and go up. My basic plan is to use some heavy canvas, and impregnate it with something to make it air tight. The canvas should add plenty of strength allowing it to hold a little bit of pressure and stay rigid. Everyone I've spoken to about this project has responded either that I'm crazy (possible), this is impossible (I'll never believe it), or both.
Lets start with the base material. I am really thinking of using a heavy canvas, like the kind available at the hardware store as painter's drop cloth. Purchased like that, I can get large pieces of canvas that are very sturdy and inexpensive. I've used this material to make bags, covers, and cushoins for my sail boat. So, I think its a good starting point.
Next up, a low cost way to make the canvas air tight and durable. An early thought was to use latex because its cheap and readily available. The problem is latex will not last very long exposed to the sun and elements. I have experimented with "PlastiDip" stuff used to plastic coat tools, and "liquid electrical tape" but, these two substances are hard to the saturate fabric with. Probably just as well, as these would be pretty expensive in the quantity required.
I really think that a liquid vinyl or some kind of vulcanizing compound would be ideal. However, I have no idea where to find such things.