I have the TX5 which is a really good waterproof camera. This is the upgraded and latest version of Sony's waterproof line.
I love these cameras because unlike other waterproof cameras, they look very nice and are not 'ruggedized' and are quite light and slim. I also love the fact that you can be in shooting mode ready to take pictures simply by sliding the lens cover down. Quality of pictures is excellent as is video. Panaramic mode is good too.
This is the cheapest I can find it. Please if you vote cold, say why so it can help others. e.g. if you can find it cheaper.
Certified waterproof, dustproof, shockproof and freezeproof
3.3" OLED touchscreen
Magnifying Glass Plus
AVCHD™ 1080/60i video
Dual record of stills and movies
5x optical zoomhttp://store.sony.com/cyber-shot-digital-camera-tx30-zid27-DSCTX30//cat-27-catid-Collections-Best-Low-Light-Cameras