Well I tried several of my most reliable tricks on the second picture and I was astonished at how little I was able to do with it. Finally I went to the histogram and studied up a bit to figure out what was going wrong. Your histogram is below. What it shows is that you have a good green channel, which is normal, and a non-existant red channel, which is also normal. However, your blue channel is completely blown out. Usually if you have two good channels you can make some decent effort to reconstruct the third, but in this case all you really have to make a picture from is the green information.
The problem is simply that you're overexposed. 90% of pixels in the image have a blue value over 200, and two thirds fall in the range 248-255. That's way too high for a channel that should be very well-defined in an underwater ambient-light image.
However, your luminosity channel is quite nice. What this means is that you've got a potentially very nice black/white image. But I think you can forget about your color. Too much information is missing.
By the way, if you want to turn it into a good b/w image, there are a handful of good ways and lots of bad ways. Image->Adjustments->Desaturate is usually a pretty bad way. A good place to start with this picture would be Image->Mode->Grayscale, followed by contrast adjustments, preferably with curves.
(All suggestions are for PhotoShop, of course.)