Panasonic announced the waterproof SDR-SW20 camcorder at the CES 2008. Amazon.com is taking pre-orders for this robust camcorder for $399.99. The shipping date is February 29th (yes, there is a 29th this year).

The new Panasonic SDR-SW20 combines a rugged, compact body with waterproofing that allows use in water, including seawater, to a depth of 5 feet, shock-proofing that protects against drops from up to 4 feet, and a dust-proofing design that shuts out airborne dust particles that can lead to malfunction.
Other features of the Panasonic SDR-SW20 include 10x Optical Zoom, 2.7 inch screen, SD memory card support up to 16GB SDHC, 0.6-Sec Quick Start and World timer.
More details on Amazon.com.