okiediver,
I certainly feel your frustration. It's fairly easy to improve in photoshop, but your camera settings need changing too:
(photo by okiediver)
Normally I edit all my jpegs (i know, i know, RAW blah blah - i'm lazy) using Levels in photoshop. This photo however screamed Hues/Saturation. Here's what I did in the Hues/Saturation command:
Master Tab
Saturation -35
Blues Tab
Hue -5
Lightness -35
It doesn't make it perfect, but much better. First, the image is too saturated. If you have a saturation setting in your camera, turn it down. I used to shoot my D200 in high saturation but others clued me in that the colours were too wild. Next, figure out a white balance to use, auto functions never work underwater. I set my D200 to 5900K and it works great (you prob. don't have colour temp WB...). Last is exposure. The image is over exposed. I know that if you turned it down, you would lose detail on the wreck, but that is the bane of ambient light shooting into the sun. For a full wreck shot, try shooting with the sun or get close with strobes and using a negative exposure compensation.
I'm still fairly new to UW shooting, perhaps some of the experts can give you better advice, but those are my thoughts. Cheers,
Undertow