While the ARC lights are fairly waterproof, and my LSL-P with twisty has seen a fair amount of hot tub/swimming pool time with no ill effects, I'd be hesitant to take a clicky version into salt water - probably not fatal, even if it floods, but not good for a pricy light.
More importantly, the beam shapes of the LS are terrible underwater. Most dive lights have a very tight spot beam to project through water, and the semi-diffuse beams of the standard LS (Perhaps the Fraen optics give a better UW beam?), just diffuse into nothingness very quickly. Better than nothing, of course, but far from optimal.
Go buy a Pelican 2c or 4AA for $25 - it'll do a much better job underwater in every respect, though still dead minimal for diving. I carry a UKE 8C, Pelican Stealthlite 4AA, and usually a Cyalume light stick or two when diving in the dark, and I'm considered a minimalist. The serious folks all go HID. UKE Light Cannon, here I come!