For the record, The Drowning was published in a very limited edition by Bottle of Smoke Press in 2007. It's the "edited" version, which appears to be the same version that is in The Pleasures of the Damned.
It's funny, but at about the same time Stickpin posted this, one came up on eBay. It's a great deal in my opinion. I'm broke or I'd buy it, even though I already have one.