DoubleDip:
I loaded your image into PSE3. The quick improvement method was to pick up the selection tool (brush with "ants" marching around the tip) and set it to mask mode. This let me paint the jelly to mask it (red overlay) which is perhaps the easiest way to make a selection with such an irregular object. Tentacles are hard and I did not do a very good job of selection with the time I had, but I hope you get the idea.
I then converted the mode back to selection. I saved the selection (Select>Save Selection) and called it "background" in case I wanted to go back and tweak it. I now had the "marching ants" around the boarder and the jelly meaning I had selected everything but the jelly. The mask showed a hard edge (I used a hard brush) so I did a selection feather (Select>Feather) at 3px.
First, I wanted to change the water color. I tried Hue/Saturation, but when this adjustment does not work well you get a lot of posterizaion (blotching and artifacts) what worked was to go into levels in the individual color channels. In the red and green channels I moved the shadow (far left slider) and gamma (middle slider) to the right which boosted the blue. I then did a final tweak with the middle slider in the blue channel.
Now that I had the color where I wanted it, I blurred the selection (Filter>Blur>Gaussian Blur) and set the radius just high enough to kill the backscatter. None of these adjustments affected the jelly because it had not been selected.
The jelly was nicely exposed. I inverted the selection (Select>Inverse) so now just the jelly was selected (marching ant around the jelly and not the boarder). In Levels I tweaked the midrange slider to darken the jelly a tad and make it blend in a little better.
This is the result. Hope you enjoy. If you need some help with the steps, let me know.
---Bob