Came across this tutorial today that I thought gives good basics for creating an underwater affect. You can tweak and play to your own look but thought it was a good guide and wanted to share wit my peeps. This is the final look in the tut

and here's the link...enjoy!
http://tinyurl.com/2su8fs

Also nice is if you select the top part of the water, fill it with clouds, (bg white to black), you go to filters - artistic and plastic wrap, then set the cloud-layer to blending mode Color and blend it in for about 60%
Then you get the effect where you are in the water and you're looking at the surface, where the light from outside is shining trough.
Add a radial blur to it and it looks really neat.

swell ... def a keeper.

I'll give it a try. There are some steps missing to make the sun rays and the bubbles.

Nice.

My screensaver is actually comprised of images from the authors site:

http://www.vladstudio.com/home/

Nice visuals.

yeah...there's some good stuff in his site. Still diggin around. Well I did a quick first attempt as I'm at work but also tried your suggestion kinetic...i like that as well. Although I need to practice I get the concept of it. Thanks!

Yes, that's exactly what I ment
Cool!

Used it just the other day....and i agree with you....There's some really good info on the site.

http://photoshopcontest.com/view-entry/135817/motorcross-dunk.html

http://photoshopcontest.com/images/large/1v1y1ztp4pqyvykoedqs7nx6rqkxnnpmp02k.jpg
different tut but same effect