Very, very similar to Steve's technique........here's another way........at least for those of us who rely on inches and feet and pounds..........and don't fish
.........
and taken one step further......to determine the submerged weight.....whether positive, negative, or neutral.
start with a pot of known diameter ( my wife has a deep, straight sided kitchen pot used for boiling large amounts of water that measures 13" across).
place a ruler on the inside of the pot.........and fill with water........enough to cover either the entire rig or possibly just single components that make up the underwater camera rig ( imho the preferred method in order to determine exactly what parts of the rig are more or less buoyant).......for me filling the pot to the 7" marker worked for my purposes.
next place the rig (or component) into the pot of water and note the increase in water level as denoted on the ruler.
for example let's say the water level increased by 1"........to the 8" line....
now let's introduce an equation to determine volume of a cylinder (the kitchen pot in this example is cylindrical).......in order to find how much water was displaced.
Volume = Length times Pi times radius squared
Volume is the unknown in this equation. But we do know the Length (or height) of the cylinder, which is 1" (the increase in height of water as denoted by the ruler when the object was introduced into the pot). Pi = 3.14. And the radius of a 13" diameter pot is 6.5. If we square 6.5 (6.5x6.5) we get 42.25.
So V (volume) in cubic inches (i'm using inches in all my calculations above) would equal:
V=L*Pi*r²
V=1*3.14*42.25
V=132.665 cubic inches
since each cubic inch of salt water weighs @ 0.037 pounds.....then you could multiply 0.037 times 132.665 to find out the weight of the water being displaced (in pounds):
0.037*132.665=4.9 pounds
If the object that was placed into the water also weighed 4.9 pounds (dry) then the object would be considered neutrally buoyant (and would have floated in the pot of water)
If the object had a dry weight of more than 4.9 pounds, it would have rested on the bottom of the pot of water......and if it weighed less than 4.9 pounds the object would have floated.
hth,
b