Hi Rick
I've been looking into getting an U/W video set up, unfortunately everyone is right in saying it won't be cheap. The 'bargain' system I'm considering is the Sony HDV HDR-HC3 (high def is a must as it will be the format of the future - all those new LCD tellies on sale now are high def and this camcorder takes cracking video see:
Sony HDR-HC3 Camcorder Review - Sony HDV Camcorders - Sony Camcorders - Camcorder Reviews - Consumer Camcorders - Camcorderinfo.com
an Ikelite housing (can set WB)
Wide angle lens (apparently a must)
Red filter
Lights
Total cost £2,300
Though next year the big thing will be camcorders which are high def and Hard Disk Drive - no sound from a tape drive.