Animation Link,

http://s145.photobucket.com/albums/...nt=Mydialog.flv

I loved working on this, i had to create different elements on different files render them and give it to the compositor.

I made the ocean surface and the liquid effects using realflow,
the objects inside the sea was rendered in rpf format, so the compositor can put fog and other effects to get the underwater effect.
I used a caustic generator to create a tiff sequence and mapped it to a light to get the caustic effect.
The lighting was done using vray.
Used max,vray and realflow for this project.