The question Basic buoyancy question: Man in a boat with a stone is an exact duplicate. The answer is that if the thing you throw from the boat has a density greater than water the level falls. If the object's density is less than water the level rises.
Oops:
Ah, yes, as Alan points out in his comment, in Basic buoyancy question: Man in a boat with a stone the equation for the volume of water displaced assumes the object is full submerged, and for a density less than water this wouldn't be the case. To briefly reprise the other question, when the object is in the boat the volume of water displaced is:
$$ V_{disp1} = \frac{M + m}{\rho_w} $$
and if the object is thrown from the boat and fully submerged the volume of water displaced is:
$$ V_{disp2} = \frac{M}{\rho_w} + \frac{m}{\rho_r} $$
where $\rho_r$ is the density of the object, so the change in volume displaced is:
$$ V_{disp1} - V_{disp2} = \frac{m}{\rho_w} - \frac{m}{\rho_r} $$
hence if $\rho_r$ > $\rho_w$ then $V_{disp1} > V_{disp2}$ and the water volume falls. But if the object has a density less than water, and therefore floats, the second equation changes to:
$$ V_{disp2} = \frac{M}{\rho_w} + \frac{m}{\rho_w} = \frac{M + m}{\rho_w} $$
so $V_{disp2} = V_{disp1}$ and the water level doesn't change.