Your boat must be water-proof so it won't start falling apart during the race! If paint is your final coating, make sure it is at least water-resistant. You want it to be smooth and clean-looking. Here is a good way to accomplish these goals whether you used foam, balsa or a combination.
If your boat is made of foam and plastic glued together with water-proof glue, all you may need to do is paint it with acrylic paint. For a smoother finish or for parts made of wood or card stock, here is a more comprehensive regimine.