I say forget about text messaging, and give me an easily affordable wireless microphone/headset system that sounds good and has good range. What I want to do is just TALK to my buddy while I'm in the water...and if we can talk to each other, the boat can talk to and hear us as well. I know such things are available, but from what I've seen they're pretty pricey.
Ditto a high-quality video camera and housing/light system.
Or I guess this doesn't quite fit the theme of the thread? After all, these things are already out there, so they're not strictly new inventions, I just want them cheaper!