Meta03 on 6/9/2002 at 23:03
How do you make one of these babies?
Forsythe on 6/9/2002 at 23:26
Get a grand soul gem w/ a powerful enough soul in it (Golden Saint, Ascended Sleeper or Vivec) in it. Get a ring (preferably an Exquisite one). Get a water-breathing spell (should be fairly easy to find if you troll enough mage guilds, etc)
Either pay a mage to enchant the ring with a constant-effect water breathing spell (make sure the lower-left corner of the enchanting screen says 'Constant Effect') or do it yourself; given that you had to ask though, I don't know that your skills are high enough to do this.
Regardless, this has been covered ad nauseum, and you really should search for such an answer next time.