The Aquatic Ape theory is bunk, but Aquatic Sparrow theory just got a huge boost. There is no way I can explain the Big Evolution News Of The Day as well as Grrrlscientist did, so please go here and enjoy the amazing news of the wading/aquatic ancestors of all modern birds, with the beuatiful pictures of excuisitely well-preserved fossils from China.
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The Aquatic Ape Theory is being discussed over at Pharyngula. As PZ points out, an excellent resource on this idea is Moore's site on the topic.
That elephants have an aquatic ancestry has be