What camcorder is it? I maintain the housing manufacturer's list on this forum so I might know of a housing for it. Otherwise for $1500 your options are somewhat limited, most housings start around that. There are a couple of though:
Ikelite makes a housing for the Sony DCR-HC20/30/40 MiniDV camcorders for $800. I've seen the HC20 and HC30 on the web for well under $500, the HC40 is just over $500. Imho Mini-DV is the way to go, the quality is better, the editing is cleaner and you can grab stills from your video if desired. Some of the cameras even have a still photo option, I don't know if these do or if Ikelite provides the control for it.
Ocean Images sells their Dolphin Pro housing starting at $850. But it only takes a Sony TRV series Digital 8 camcorder, so the video quality would be slightly less. Most(All?) of the Digital 8's do have a IEEE1394/Firewire port so you can transfer digitally to your computer for editing.
A similar option is the Top Dawg II or Mini housings sold by Backscatter. They're a reduced cost L&M housing that take a wide variety of camcorders - $900. Add in a Sony TRV camcorder and you're set to go.
Equinox also has some housing/camcorder packages on their website for a couple hundred over $1500. Personally I think they're a little overpriced, their HC30 deal is $1649, you can get the Ikelite housing for $800 and the camera is $440 at Circuit City.
I'm sure there's other options out there, one would be the Aquatix type tube housing and a better camera, but you would probably lose some functionality while underwater.
Steve