usmc4x4:What exactly does the white balance do and in what situations should I adjust it? I just bought my rig and don't even have it in hand yet but I am trying learn and read as much as possible. Thanks...
Setting the white balance on your camera fools it into believing that the ambient light resembles 'normal' outdoor daylight values. In other words, it will correct the blue or green colour cast introduced by changing light values underwater.
To use it your camera must be capable of setting 'manual white balance' (check your instruction book) and its underwater housing must allow access to this setting underwater.
The setting is made using a white or, in the case of some cameras, a neutral gray slate. You select manual white balance and point the camera at the slate. Knowing that the slate is a particular value, the camera then adjusts its colour sensing to give the correct solution in your picture.
Points to note - this will only work for ambient light photography. Any video lights or underwater strobes are already tuned to give realistic 'daylight' values. (But will only do so within their effective range). It may also be necessary to re-adjust any manual white balance for different depths. Although some very successful underwater photographers, e.g. Jim Church, simply recommend setting it at about 30 feet and leaving it.
Hope this helps - you might consider finding an instructor who can deliver PADI's excellent new 'Digital Underwater Photography' Course, which covers white balance and much more.