This 520x390 image alone, comprised with all essential ingredients took 15 minutes to render. Scene was produced with use of:

• Low polygon Editable Mesh of Great White Shark (less than 500 polygons) applied Bones. Material texture and bump maps of shark applied with UVW Mapping and UVW Unwrap.
• Quadpatch (less than 100 polygons) with Noise modifier to simulate ocean floor. Material texture and bump maps applied with UVW Mapping.
• Low polygon Editable Mesh of seaweed (less than 200 polygons) applied with spacewarp Wave. Material texture and bump maps applied with UVW Mapping.
• Caustic lighting effects with use of image bitmap applied as Projector to lightsource and Atmospheric Volume Light.
• Atmospheric Fog for water density simulation.
• Particle systems' Superspray for bubbles. 2-sided refracting material texture and bump maps applied.

Note: Superspray and UVW Unwrap is unavailable in 3DS MAX R1.x. Particle system of this kind is only available in 3DS MAX R2.x and up. Alternative form of this type of particle system is a plugin called Sandblaster for 3DS MAX R1.x.