The name means nothing per se.
Falar is a Portuguese verb for "to speak" and d'eau is French for "of water".
So I guess you could say it means Speaking of Water, which might make sense for a boat name.
But like LabelkillX implied, Pierre Falardeau is not very popular up here in most parts of Canada. He was a fanatical anti-Canadian separatist who was committed breaking up our great country prior to his death on September 25, 2009.
No great loss imo.
I'd go for "Falar d'Eau" if I was going to name my boat for the old goat who sold you the boat.
This City is what it is because our citizens are what they are.