So, I'm going to think through an answer that uses all of the pieces of equipment.
Since I have a stopwatch, I'm going to have to measure the time of something. I want to know a distance. It sounds to me like I'm going to try to estimate the velocity of something, have whatever that is move across the lake, and time it.
I have swimwear, so I could swim. So if I swim out for an unknown (somewhat large to be more accurate, but close enough to hear well) distance and leave me friend on the bank, I can watch him drop one rock onto the other. I start the watch when I see him drop and stop it when I hear them hit. Reaction time is going to make it messy, but I can repeat that as many times as I want and take an average.
I know sound goes about 343 m/s, so once I have a good estimate of how long it takes for me to hear the rocks hit, I multiple by 343m/s and get the distance I am from my friend. Then I swim in while timing myself, and I know my velocity swimming. Then I time myself swimming across a lake.
Lots of assumptions here: I swim at a constant velocity, my time measurements are somewhat accurate, no current.
If the watch was just some cheap non-waterproof model and and I didn't have swimwear I'd just have to walk around the lake and have him drop the rocks, time to hear the sound, and multiply by the speed of sound...
There's probably an easier way, but I think that method should work. Plus, it uses all your stuff, which in science class seems to be a plus (although in real life science, just like in well designed labs, you have bunches of equipment you don't use...)
Hope it helps.
Dr Peter Vaughan
BASIS Peoria Physics