Check out the incredibly innovative method by which The Cave Pearl project utilized FORMUFIT Table Caps to create a water-tight housing for underwater sensor equipment.
The Cave Pearl Project is open source Arduino-based underwater sensor project put together by Edward Mallon. Cave Pearl develops and constructs water-tight, inexpensive sensor equipment tailored to those studying hydro-geology. The sensors detects the water flow, temperature, depths and other data, in cave systems.
Since the enclosure had to remain underwater for close to a year, Edward employed the use of 2 in. PVC pipe to house the boards and sensors and used 2 in. Table Caps to act as a compression mechanism to seal the enclosure tightly, but still allow access after retrieval.
You can read more about The Cave Pearl project and how Edward constructed the housing on the Cave Pearl blog.