Oh absolutely. As you can imagine, if you leave a large ship at the bottom of the sea for 80 years, a lot of slimey, smelly fishy things are going to move in and make it their home. Snails (special underwater ones, presumably), flapping fish and sea birds (above the waterline) have all taken up residence.
So what we've got here is a large platform game with loads of monsters and places to explore. What you have to do is collect notes. You drop these into the funnel, and when you've got enough you can get diving apparatus to explore the underwater levels.
Fine, but the question on everybody's lips is "What happened to Lord Lucan?" (No it isn't, it's "Is Titanic Blinky any good?" Ed) Oh yes, that's right.