I don't know this light other than from the pictures I see on dealextreme, but the rubber booth over the clicky switch is going to be a problem I think.
If you manage to seel this, what would stop underwater pressure from pushing this booth inwards and switching the light?
other than that, I see that the tailcap has an o-ring. You'll want to replace this one with a good quality and likely a thicker one.
I don't know how the head opens, but I can see the line just after the bezel on the top. I'm guessing this will keep the glass in place. perhaps you can add an o-ring somewhere there to get it to seal, but still, I'd be more worried about the tailcap...
edit, just looked again at your picture, and there seem to be some o-rings in the head. if these are good quality, you might get it sealed there.
hope this helps.
Johan