Not sure if you guys frequent THT much but there is a guy on there who makes his own LED underwater lights he sells for a ton cheaper than any of the big companies. I was going to pick up a pair when I was in FL but the water up here is not as nice for the lights. His website has more details and take a look over at
www.thehulltruth.com for more pics/info.
http://www.coastalnightlights.com/
-Svence