Yikes... I recently went to Aruba and brought along my own underwater setup. For less than $500 shipped, I have the Casio Exilim EX-Z1000 (http://www.amazon.com/gp/product/B000FI2Y5Q?tag...) and the underwater housing EWC-80 (http://www.amazon.com/gp/product/B000FI2Y5Q?tag...). It is rated for 130 feet depth, I have only taken it about 40 feet. Takes decent 10.1 megapixel pictures, comes with a diffuser, and takes quality videos with sound. Best of all you don't have to go grey market!
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http://www.ewa-marine.com/