I have occasionally looked at waterproof cameras. West Marine has a 35mm camera that looks like it will fit your needs for under $200. I have never seen a underwater digital camera for less than $600 (they have one of those at West also). The prices I have seen in camera shops on waterproof digitals are in line with West. I have found that for taking pictures of sailboats, a good zoom (optical) is a must. The better zoom lens you have, the farther away from the boat you can be and still get a picture of the boat that doesn't look like a speck.