Rugged waterproof camera?

I am looking for a new camera with a few features. I currently shoot with a canon T2i and would like compact for times when i do not have my dslr. This camera would need to be rugged and water proof and still produce a decent image on land in normal operations. Another thing is that it would be nice if it had manual exposure controls. I am currently leaning towards a pentax optio w90 or wg-1. price limit is around 400 dollars. If anyone knows of a decent suggestion or some review articles it would be helpful.