Was thinking all the Ikelights were much more... $800-1500. for the housing alone...
Consider buying a compact camera (Sony, Nikon, Canon, Olympus) and using a manufacturer housing ($200-250). There are plusses/minuses vs DSLR's w/ Ikelite housings. Add to the cost the strobe and other accessories and it quickly adds up.
Highly recommend an external strobe and eventually a wide angle lense (lets more light in and great on wreck sites).
I use a Canon S50 w Canon housing ($180) good to depths of 130ft, Sea & Sea strobe connected via fiber optic cable, and most recently got an Inon wide angle and macro lenses. I had to create my own screw to go through the wide angle lens holder and Sea & Sea base plate into the housing tripod mount but a simple eye hook and a file worked wonders. Ultralight has great arms and very compatible with everything (also expensive) but very helpful on how to connect everything. Worth the $$ for that type of service!
My own recommendation, stay away from dedicated dive cameras w build in housings (Sea & Sea) as they're expensive comparitively speaking and generally not up to par (features/megapixels) compared to the major players. Besides, I'd much rather have a good topside camera in the process.
Some day I'll switch to DSLR but that will be a huge outlay of $$. I've probably spend 1200-1500 for everything I have accumulated over the years.
Another option is look for used equipment. When someone upgrades to DSLR or a new camera, most of the equipment from a compact digital isn't compatible. You'll find people sell their old rig w everything together.
If you're worried about flooding, there's always dive equipment insurance out there.
I'll post a link or pdf gallery of pics from the Bahamas once it's up. We just got back from a week of diving.