When you're diving, you want a bright flashlight to explore underwater nooks and crannies and a camcorder to record what you've seen. Since you're not exactly packing a gadget suitcase when you scuba, here's a handheld underwater accessory, good to up to 10 meters, from a company called Goscam that combines a bright LED flashlight with a camcorder.
VGA footage is recorded as an AVI file onto an SD card via a slot screwed under the end cap - there's an even a microphone, although what you're going to hear under the briny other than your own screams when you spy a shark is beyond me. You'll get around 2.5 hours of shooting time.
The GD2709 Diving Flashlight DVR (that's what they're calling it) will come in four colors: camouflage, yellow, orange and powder blue when it becomes available sometime later in the spring at a price yet to be been determined.