Poor Unfortunate Soul
Poor Unfortunate Soul is a story written by Domashita Romero and illustrated by quaedam. It ran in Special Issue 8 at http://s2b2.livejournal.com/242603.html, and is mirrored at http://www.shousetsubangbang.com/mirror/poor-unfortunate-soul/.
From the author: "A lady pirate falls overboard and tentacles ensue. LIKE, THE TITLE IS A BIT OF A HINT OF WHAT I’M GOING FOR HERE?"
From isis.dreamwidth.org: "French-flavored very short story in which a female sailor falls overboard into the (many) arms of an octopus-woman."
From fail-fandomanon.dreamwidth.org: "A sailor goes overboard and meets the mother of the sea."