Hey Kent,
Damn that sucks! Nothing hurts a photographer more than deep sixing a camera. Sorry that happened.
I've been using the following system with some success on and under the water, walking around, on the snow, etc.. It works pretty well.
I got one of these Lowepro camera pouches:
http://www.circuitcity.com/ccd/produ....do?oid=146439
I run the wrist leash through the neck strap. That way if I drop the camera, it hangs off the camera bag. If I am kiting, I run the neck strap through my impact vest so the lot won't fall off in a bad wipeout. I tuck it under my impact vest when not in use to keep it out of the way.
If you don't wear an impact vest an idea might be to use one of these camera floats. Or, better still jury something on your camera neck strap.
http://www.amazon.com/Olympus-Floati.../dp/B0014DURIW
Show us some shots from your new camera!