Summer is no doubt just around the corner, and you'll probably find yourself in some type of water situation whether it be pool side or ocean beach. It's a bit expensive trying to dive down with your DSLR's, so it might be smart to just grab a cheaper Point and Shoot. The guys over at DigitalREV.com do a review on a couple of waterproof camera options you might already be thinking about. Too bad they didn't actually take 'under water' photos or videos, but i'll let them slide considering they had an actual Bikini model to keep the review interesting.
Here's some of the Cameras they review: