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I was there last week in patong, the big jetski was 1200 baht for 30 minutes but it was scarily fast, i really dont understand the pricing as i also rent a VFR400 motorbike for 500 baht for 24 hours, that means i could rent 2 400cc bikes for 2 days for the price of a jetski for 30 minutes, quite crazy i think although i suppose the servicing costs are higher on jetskis and go-carts.
Jim, i would recommend renting a bigger bike, maybe a sports or a cruiser and touring around the island but be VERY careful, start with a scooter and get used to the traffic and the way that people drive.
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