Water and the iPhone are not great friends, so it is essential that the device never gets wet, let alone being dropped into water! However, there is a case that will keep the device water, rain and mud tight, it is called the EscapeCapsule and you can get your hands on one by backing and pre-order the case from the Kickstarter site.
These are the details and features for the EscapeCapsule is a waterproof case for the iPhone 4;
Waterproof, rigid, high impact polycarbonate housing sealed with a silicon O-ring.
The touch screen works great through the built-in optically perfect high impact polycarbonate screen protector.
The home, volume and lock buttons function through membranes that are built into the overall structure of the shock absorbing internal rubber bumper.
The cameras front and rear both work through the clear housing and provide great quality photos and videos.
Watertight plug that allows you to use your iPhone headphones to listen to music or make hands free phone calls.
Specifically designed membranes allow sound to transfer through the case to make clear phone calls.
This is concept design that is currently on Kickstarter, the site where you can become a backer of a project
Source [Coolest Gadgets]