You can replace 1 piston and rings if the cylinder bore is OK. But - here is the important part - you need to determine WHY the piston was damaged in the first place and fix that! It's likely to be a partially clogged carburetor main jet that caused one cylinder to run lean, overheating and damaging the piston. Sometimes a sticky reed valve can also cause a lean condition. You may find all the pistons have some damage - that is likely caused by the ignition timing set too far advanced or having the carbs jetted wrong.
Assuming the cylinder bore is not chrome-plated, you will need to lightly hone the cylinder bore to ensure the new rings will seat and fit the rings to the correct end gap. I like the flat stone hone better than the ball type, especially for two stroke engines. You want a nice criss/cross pattern to the honing to help the rings seat.
Proper piston ring end gap is critical due to differences in manufacturing tolerances. You can check the gap by putting the ring in the cylinder and then using the top of the piston to push the ring into the bore a bit, then pull the piston out and use a feeler gauge to check the end gap. You can use a regular file to adjust ring end gap, but be careful to keep the edges flat and straight. Some "shadetree" types don't check end gap, and the result is a broken ring soon after the motor is placed in service. You may get lucky and have a good end gap out of the box, but check it!
Install the rings on the piston, with gaps on opposite sides. Use a ring compressor and push the piston into the cylinder bore. Make sure the bearings are clean - you don't want dirt or metal here! Put some pre-lube compound or STP on the rod/crankshaft bearings so they are lubricated for the first start-up. Clean and dry the rod bolt threads and install the rod caps. Use some Locktite Blue on the rod nuts and torque them in 2 or 3 stages. Let them sit an hour and then final torque again.
Clean the head bolts carefully (or buy new ones if they are badly corroded) and use some non-permanent thread sealer on the threads. Make sure you get the right head gasket for your model and torque the head bolts carefully in 3 stages, including a retorque after the engine warms up the first time.
Hope this helps - see ya on the water!