Hi All interesting subject,
You would get "sucked under" to a certain extent, sucked is probably the wrong word but basically what happens is as groennegaard say's as the ship sinks the water rushing in expells the air inside the hull, this air will find it's way out of the smallest gap through windows, doors, cracks and it can even pop rivets, screws and bolts etc with great force, this air forms air bubbles within the water and obviously rises to the surface, as it breaks the surface the surface tension of the water is broken therefore offering no bouyancy, that is why a lot of ships break their backs when sinking because of a lack of bouyancy, this also explains Marty's post about the drilling ship hitting a pocket of gas again it offered no boyancy to the ship when it reached the surface.
There can also be a whirlpool effect but this depends on the angle and speed that the ship sinks, if it picks up speed as it takes on water and before dissapearing under the surface the water cannot replace the space that the ship occupied quick enough or (the water it once dissplaced when afloat) this in combination with the air forced out of the ship leaves a void so the water fights with the air to fill the space causing a whirpool but this won't take you to the bottom with your ship just deep enough until your natural boyancy equals or is greater than the depth of water you are in, that is if you haven't swallowed a ton of water and expelled the air from your lungs you could very well pop back up like a cork but the chances are panic and shock would have had an effect on you.
There are other forces at work including weather, gravity and the design or shape of the sinking vessel etc but the thing is every ship and situation is different there are no set rules as to what happens when a ship sinks just a set of basics that are known but one things for sure you wouldn't want to be on one when it goes down, luckily I never have and hope I never will (The best lifeboat you can have is your ship).