Please download the following image
Create a new document with the following image size : 760x770 pixel
Please use a white background
Open also the image from above , and place it on the document.
Select Eyedropper tool and select the color we will use for our background
Create a new layer ( press Ctrl+Shift+Alt+N ) ,then with Brush tool, fill the bottom part of the layout. This is my result
With Rectangular marquee tool make a selection like mine
Then set the foreground color to : #71c0c5 and the background layer to : #ffffff
Create a new layer ( press Ctrl+Shift+Alt+N )
After that go to Filter > render > clouds
You will have a similar result like mine
Press on Ctrl+D to hide the selection then change the blending mode for this layer to Darken
Select Eraser Tool, and with a smooth round brush delete some parts from this layer. delete the parts above the water.
Note: You can use the following set of Free Clouds Brushes
Now we need to create some boxes where we will place some text. With rounded rectangle tool , create some shape like in the following image.
For all this layers add the following layer styles
This is my result
Create another layer ( above all layers )
and with brush tool create some random lines
Then change the opacity to 10-20 %
The result :
Now it is time for you to add some details. You can download a set of nice bubbles brushes from www.photo-shop-brush.com or you can add some other details like fishes, birds, divers from your stock collection.
Now please download the following image
Open this bubble image in Photoshop, then go to Edit > define brushes
Click Ok
Now select Brush Tool, and set the brush settings as follows
On a new layer ( press Ctrl+Shift+N+Alt ) create some bubbles with brush tool
For a realistic effect you can change the opacity value to 20 - 30 %
An if you have another brushes with fishes , you can add on your layout
Now it is time to add some text, and we are ready
More Tutorials: 
