BrandonTog,
There are a number possibilities that fit your requirements of being skin safe, water soluble, and biodegradable. Before I go any further, its probably worth me explaining that I know nothing about waterski design, so I am guessing that the boots are essentially water tight??
If so then you have a number of options...
Commercially available lubricants containing PDMS polydimethylsiloxane may be one way to go and are commonly used as condom lubricants. One significant benefit to PDMS is that it is not readily absorbed by the skin and may be a little more resistant to wetting than other similar lubricants and so should be more appropriate for watersports (Please forgive the very unfortunate double entendre).
Alternatively, lubricants based on Polyethylene glycol (PEG), Propylene Glycol or glycerol thickened with something like hydroxyethyl cellulose or a food thickening agent may also be viable options for you in this application. These are again available commercially in the form of personal lubricants available from any good 'adult shop' or the latter could be fairly easily made at home...
Just found this, which may be worth a shot...
http://www.youtube.com/watch?v=4Xz5Rk-0RvQKind Regards
R