Hong Kong based freefire offers water-proof digital camera.

The Ffreefire EC300WF, under water digital camera, all weather , waterproof up to a depth of 5 meters, entry level digital camera. With dimensions of 70 mm x 101 mm x35.2mm, it is easy to carry around with you ready to take photographs while you are skiing, hiking, surfing, sailing etc., all kind of adventure activities. And the suggested retail price only US$200.

Looks like the Camera is only on sale on Hong Kong Streets.

Other Water-proof Digital cameras we posted about include:
Che-ez! Water-Proof Digital Camera 30m!
Sony Cyber-shot U60
Water-Proof Camera Cases

Features:

5 Meters under water / water proof
Red-Eye Reduction
MOV format Movie Mode
1/2 inch CMOS 3.0 million pixels
1.8" TFT LCD Monitor
SD Memory Card
Unlimited movie clip duration
2 AA Size Alkaline Batteries
USB (mini-B jack), video out (for TV display and slideshow)