I know the little point and shoot Canon A630 and the A650IS have a waterproof housing you can get (Canon makes it). I haven't gotten one yet, but plan to in the future. It looks like it would be bulky, but will make it water proof. Also, I understand you have control of the dial and buttons on the camera. They are by no means cheap, but they are available.
I've got the Olympus Stylus 1030 SW and I love it for keeping in my pocket. It's the only P&S that I know of that can go as deep as 10 meters (33ft) for up to an hour without an external housing. They sell a housing for it that allows it to go significantly deeper (something like 50-60 meters).
It's alo rated to be shock proof for a drop of over 6 ft which, I am almost ashamed to say, I have unintentionally tested and the camera survived just fine. I knocked it of of my desktop bookshelf and it bounced off of the desk edge onto the hard tile floor with nothing more than a small scuff on the shiny silver body.
Here's a sample shot from the 1030SW
It's obviously been downsized for uploading to the forum and I did a perspective correction in CS2 to correct for my shooting up at an angle. But the color rendition is decent and it does a fairly good job of metering in most situations.
There are compacts out there that take much better quality pics but probably none that will still function after you use it as self-defense weapon in temps down to 14 degrees to beat up a polar bear that follows you onto the ice after chasing you out of your winter snorkeling session.
Important fact: Nothing is water-proof. Not even a submarine (See what happens when it goes too deep)
If it's in the rain, you may try making something similar to a camera poncho for slr cameras. Take a regular poncho, cut a small hole big enough for your camera lens, and tape it close w/ water-RESISTANT tape.
If you're diving... well go look on diving photographer's forums... there are a LOT of them nowadays. DO NOT TRUST THE ZIP-LOC method!!!! Even if you can afford to lose the camera, I would not want to go swimming w/ a camera with a 400+ volt charged capacitor sitting 1/16 inch away from my face, and 2 1/2 feet from my heart... just me.