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I just used my Canon powershot SD700 in it's waterproof case for the first time last week in Margarita island while snorkeling. I wouldn't want to risk a more expensive camera if you weren't going to do it professionally plus the housings for anything bigger than a p&s are expensive.
My housing was $150, made by canon for that specific model. Or you could just get the Olympus or Pentax cameras that are already underwater capable.
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