“With a limited set of features and fairly decent performance, the Olympus Tough TG-320 is a worthy option if you are looking for a waterproof camera, but have a limited budget.“
ePHOTOzine has published their review of the Olympus TG-320, an ultra compact with 14MP resolution (1/2.3-in. CCD), 3.6x wide-angle optical zoom (28-102mm equiv.), Sensor-Shift Image Stabilization, 2.7-in. (230k-dot) LCD, Intelligent AUTO (iAUTO), Program AE, Scene Modes, Magic Art Filter, 3D Photos, and 720p HD Movie 1280×720 @ 30fps. The TG-320 is waterproof to 10 feet (3 m) underwater, shockproof from drops of up to 5 feet (1.5 m), freezeproof down to 14°F/-10°C, and dustproof.
You can read the Olympus TG-320 Review @ ePHOTOzine.