rockjock3:
If you follow the rules of geocaching then you probably won't be allowed to post one underwater. There has to be a reasonable chance that any geocacher in the area can access the cache. Having to be SCUBA certified doesn't really give every geocacher in the area a reasonable chance at finding the cache. Also not having a boat, since keeping the GPSr dry, beyond about 30-40fsw (with the proper bag) is sort of an unfair requirement. People are not supposed to have to use any special equipment to locate/retrieve the cache (other than the GPSr).
Not true. As with all things, the rules of the game you play might be different. But geocaching.com SPECIFICALLY mentions underwater caches
"Where are caches found?
The location of a cache can be very entertaining indeed. As many say, location, location, location! The location of a cache demonstrates the founder's skill and possibly even daring. A cache located on the side of a rocky cliff accessible only by rock climbing equipment may be hard to find. An underwater cache may only be accessed by scuba. Other caches may require long difficult hiking, orienteering, and special equipment to get to. Caches may be located in cities both above and below ground, inside and outside buildings. The skillful placement of a small logbook in an urban environment may be quite challenging to find even with the accuracy of a gps. That little logbook may have a hundred dollar bill in it or a map to greater treasure. It could even contain clues or riddles to solve that may lead to other caches. Rich people could have fun with their money by making lucrative caches that could be better than winning the lottery when you find it. Just hope that the person that found the cache just before you left a real big prize! "
http://www.geocaching.com/faq/
That being said, you'll be responsible for maintaining the cache, so keep that in mind. Also, GPS units don't work all the well underwater....as in not at all. And depending on where you're located, currents can make instructions like go to these coordinates and then swim at 245 degrees, useless. Distances are hard to determine underwater also.
And then you have the problem of your cachers having to retreive the thing underwater, bring it up (probably), sign the logbook, take it back down, and replace it.
I think its a good idea, but might be a little difficult in practice. If you do do it, make sure you mention that scuba gear is required in the description of the cache.