A flying submarine or submersible aircraft is a craft able both to fly or travel under water.
History
The Soviet Union tried to develop a flying submarine during World War II. The design could have operated at 150 knots in the air and 3 knots in the water. Metal plates sealed the engines shut. The design never "got off the ground"
In 1961 Donald Reid designed and built a single-seat craft (32.83 ft length) capable of flight and underwater movement, the Reid Flying Submarine 1 (RSF-1[2]). A 65 hp (48 kW) engine mounted on a pylon provided propulsion for flight; a 1 hp electric motor in the tail provided underwater propulsion. The pilot used an aqualung for breathing underwater. The first full-cycle flight [underwater at 6.5 feet (2 m) depth, airborne at 33 ft (10 m) altitude] was demonstrated on 9 June 1964.
The US Navy is reportedly[who?] looking at the Lockheed Martin Cormorant, a drone aircraft launched from a submarine. On launching it floats to the surface and after flight it is retrieved from the water surface; it cannot travel directly underwater.
In 2008, DARPA announced that it was preparing to issue contracts for a submersible aircraft.
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Richard Branson unveils ‘flying’ submarine
The Virgin boss is hoping to break a world record by travelling to the deepest points of the oceans

British billionaire adventurer Sir Richard Branson and explorer Chris Welsh (L) attend a press conference for the Virgin Oceanic Expeditions submarine on April 5, 2011, in Newport Beach, California. Branson and Weslh announced plans to take the solo piloted submarine to the deepest points in each of the world’s five oceans.

The Virgin's Oceanic Expeditions is seen during the press conference. The five dives will take place in the Mariana Trench (Pacific Ocean), Puerto Rico Trench (Atlantic Ocean), Diamantina Trench (Indian Ocean), South Sandwich Trench (Southern Ocean) and Molloy Deep (Arctic Ocean).

Sir Richard Branson poses aboard the Virgin Oceanic Expeditions deep sea submarine. Virgin's Oceanic’s first dive will be to the Mariana Trench later in 2011 and the other four dives are scheduled over the next 24 months.

The Virgin Oceanic Expeditions’ deep sea submarine is pictured. This first sub, which will carry one person, is almost 18 feet long and capable of reaching depths of about 37,000 feet.

Explorer Chris Welsh poses aboard the Virgin Oceanic Expeditions deep sea submarine. Welsh plans to make the first to the Mariana Trench which at 36,000 feet (10,972 metres), deeper than Mount Everest.
Read more:
Virgin's Necker Nymph Three-Seat Airplane-like Personal Submarine | Suite101.com