Yes, you have read it correctly, an USB stick that works under water, not just being shielded from the deadly influence of non-distilled water.
Performance is also an interesting matter for debate, since now we have several manufacturers that are slaying each other about the title of fastest USB stick around.
Fishtank without fishes, but has couple of gigs of data
The author of these lines figures that idea for this came from some ace from OCZ that was trying to read some data from his USB stick in the torrential Taipei rain. Sadly, rain is the only thing here that does not seem to stop at any time.ยต