NavList:

Thanks to all for the replys.  Many interesting points, all well taken.  What I had surmised....

1. Getting found is paramount.  As Brad noted, using the index mirror to signal with may be the most practical use for our sextant.

2. Water is critical.  Many of you noted this.  Again Brad has come up with an intriguing (perhaps not to practical) way of generating some water using the scope lens as a magnifier.  

3. Keeping you mind occupied may be the only purpose for using the sextant for its orignal intent.  As many of you noted, your in a liferaft, your not voyaging anywhere and remaining as close to your original position as possible may increase your chances of being found.

I assumed that the seasoned navigator would have an accurate watch on his wrist and be aware of GMT.  So.....

Greg outlines a way of finding your rough longitude using the sun at Local Apparent Noon (LAN), as well as finding your rough Latitude at LAN with the Sun and with Polaris in the Northern Hemisphere.  Over days, you could certainly determine which way you are slowly drifting.

A note on the declination of the sun.  Besides the ways mentioned of determining, you could create a simple analemma of the sun's declination knowing the values at the equinoxes (0) and the solistices (about 23.5° North or South) and using your paper and pencil.

David mentioned memorized tables.  Bravo.  If our expert navigator was doing celestial every day, he may have many values at the tip of his tongue.  You could expect your drift to eternity to be that much more accurate.

Thanks all.

Doug