Well maybe not ULTIMATE but at least my expected upgrade from my crappy Intovaleakingbitchthatdoesntworkeverfuckinbitchfuck.
Here is the camera, you may recognise it from somewhere... To be honest its a really good choice of camera both because of its price and compatibility for an underwater housing. The Canon 500D:

Also the underwater housing i'm looking to buy would be under the Ikelite housing range. This is because they are not only reliable as a brand, but also because they have clear housings, so you can detect a leak very quickly and abort the dive to save the expensive camera within. This is ikelite housing for the Canon 500D:

As you physics people would know very well, certain wavelengths of light are slowly lost at depths. For example, something bright red on the surface will be a dull brown colour at about 30m. To put this colour back into photos, you need what is called a strobe, which is basically a powerful external flash that can only be fired underwater because its heat and light intensity will boil and melt away itself and the globe (it needs to be used in water so it can cool itself). I would like to buy these dual strobes for my housing.
Overall the Camera will be around $1200, the housing about $1500 and for DUAL strobes will be about $1900. So overall it will be about $4500... Which I figured out that at the rate I'm getting at work now, it would mean 315 hours work, which working 4 hours in a working day will be about 79 working days to save up for. Working roughly 3 times a week would take me 26 weeks to make this money which is roughly 9 months... THERES MY MATHS FOR THE DAY!