My original idea for this mod was to make a hovercraft racing game with custom circuits and mesecon lap counters. However, with lag being what it is and bugs in the engine, this is not really viable ATM.
Screenshot

Minetest version: 0.4.4-d1 and later
Depends: default
License Source Code: Copyright (C) 2013 Stuart Jones - LGPL
License Tetxures & Models: Copyright (C) 2013 Stuart Jones - CC-BY-SA
License Sounds: Various Creative Commons, see LICENSE.txt
Download: https://github.com/stujones11/hovercraft/archive/master.zip (rename hovercraft-master > hovercraft)
Github: https://github.com/stujones11/hovercraft
Version History
Version [0.1.0] Sat, 27 Jul 2013 (Official Release)
Version [0.1.1] Sun, 28 Jul 2013
Improved placememt handling, item returns to inventory on_punch.
Audio bugfix, stop sound when entity is destroyed.
Added yellow & green hovercraft. All hovercraft have subtly different handling abilities.
Know Issues
'Bouncing' off thin air: This can simply be the result of server lag, even in singleplayer, the client and server can get out of sync. Solution, just be patient and allow the environment to fully load before proceeding.
Problems with bouncing in air and generally getting stuck, being pulled underwater and all manner of other weirdness can also be caused by a rather nasty entity duplication bug in minetest itself. The only solution here is to track down and remove any duplicate entities or by running /clearobjects
Entity Duplication: See above. This usually occurs when you move more than a given distance from where the entity was originally placed. The only solution right now is to restrict the hovercraft to a certain area. For example, create a sunken race track the hovercraft cannot physically escape from.
Given all the above issues this mod is probably not ready for public server use just yet, however, it is quite playable over a LAN setup.