I don't know how long it would last but indeed, pine tar was once the only way to waterproof a ship. As I understand it you had to continually maintain the ship in order to keep it waterproof.
http://www.youtube.com/watch?v=zv0JMKbFsrQ
The by-product is char. Char coal is a mixture of natural tree char, and mineral bed coal. Hence charcoal.
Anyway, you might find it useful, although getting enough to make this meaningful would be tough I suspect.