I managed to find what seemed to be THE LAST one of these on the internet via eBay. It is a device to keep accidentally-dropped gear afloat. The device deploys a balloon with submerged in water. It can float items up to 2.2lbs in weight. The balloon is designed to stay inflated for 24hrs. It also has a blinking light that automatically activates when the balloon is inflated, should it deploy at night.
I'll probably use this on something like my marine radio (waterproof, non-floating), or pliers...or maybe if I even get a waterproof camera.
http://www.water-buoy.com/
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