I'd highly recommend that you go out and buy new electronics for it. Transmitters and receivers are pretty inexpensive, especially a simple 2 channel (or 3) for a boat.

It also appears that the transmitter and receiver you got with the boat are not compatible. Frequncies are different. You'll also get new servos with the radio set, so start out fresh.

By the way, this is the RC airplane forum, you'd likely have better luck posting in the boats forums.

Good Luck,
Dennis-