I was wondering if a sorta bag could be manufacturded to hold things like say for instance a camcorder for use under water? I mean that would be a great cheap alternative for recreation dives. And I'm not sure but I think these bags exist.

They do...and there cheap, but only for depth under 35ft or so.

Do you know what they are called? Thanx

I purchased one and used it with my Sony HI8 camcorder July in Cozumel. EWA-MARINE makes the cases and can be found through DiversDiscount.com. Even though they rate them only to 35 feet, I used it down to 55 feet with no problem. Remember though, the lower the depth, the more the case compresses. I "accidently" took it lower (85') and it was like shrink wrap around the camera. Couldn't use the controls being so tight. Once I ascended, it was fine again. I probably won't take it down that low again. Check it out....

The "bag" style housings are not going to be as leak proof as the solid housings made for your camera. I know the bags are quite a bit cheaper but the last thing you want is a leak. I tend to think the bags are made more for snorkeling than for diving. The deeper you go the more likely it is to leak. The bags have their place. I would use them in the rain, around water where the camera could get splashed, or even for snorkeling.