Reposted from 2010 because today is the 40th anniversary of the tragedy. Those interested can read more about the event and the song.
Reposted again from 2015 to add illustrations of some of the ways ships sink in the Great Lakes -
Three more examples are illustrated here.
Reposted for the third time to add this video recording of a similar ship (a Ukranian freighter) actually splitting in the Black Sea:
The relevant action occurs in the first minute; there is a second segment showing the ship sinking.