Throughout the islands, the locals have three modes of transport:
canoe single dugout canoe, or dugout canoe with outrigger
sailing canoe outrigger canoes with a lateen sail
long boat open fibreglass "banana boat" powered by an outboard motor
Misima also has some cars and trucks, however you are unlikely to see any motor vehicles other than the occasional long boat on the other islands of the Louisiade group.
There are also a couple of old fishing boats which dock at Bwagoia Harbour, and appear to serve as ferries and tramp freighters for the region. Nevertheless, most locals from the remote islands make long distance journeys by sailing canoe.
Whilst all of these options would most likely be available to a foreign visitor, they can only be recommended to the extremely adventurous! Canoes and long boats are not subject to the kind of maritime safety regulations you might expect in more developed regions, and the journey from Misima to any other island involves crossing open ocean with no possibility of signalling distress or obtaining help if something goes wrong.
For visitors, the most common and most practical approach is to bring your own transport - i.e. sail your own boat from Australia.