I hate using wiki but it's one of the few reference sites I know of that aren't blocked here at work.
"Immediately after the torpedo strike, Captain Maund attempted to order the engines to full stop, but had to send a runner to the engine room when it was discovered communications were down.
[85] The hole in the hull was enlarged by the ship's motion, and by the time
Ark Royal stopped she had taken on water and begun to
list to starboard, reaching 18° from centre within 20 minutes."
http://en.wikipedia.org/wiki/HMS_Ark_Royal_(91)
Depending on the location of the hit I would think a hole could be either bothersome but not a huge problem, or a serious liability.
For instance, regardless of the ship if you hit her square on the nose, chances are any forward motion is going to start ripping her apart lol