My wife and I are heading on vacation next month and would love to use my E500 underwater. However, it appears that a housing runs about $1,000. Was wondering if anyone knew of any companies that rent housings. Hate to shell out that kind of money for something I may only use once every two or three years at best.

I am not sure about rentals but think about this alternative. You can buy some great UW 35mm cameras on e-bay at a real bargain. If you don't plan on shooting a ton of pictures you might look into it. You can find UW cameras under $200.00 all day some with flashes and built for the task. That way you don't risk lossing your main camera. Here is a popular model made by Nikon. The second link is to an Olympus 5mp Stylus mounted in a UW housing for less that $200.00 as well.
Greg

http://cgi.ebay.com/Nikonos-V-35mm-Underwater-Film-Camera-Excellent_W0QQitemZ200126837567QQihZ010QQcategoryZ 4703QQrdZ1QQcmdZViewItem

http://cgi.ebay.com/5-0-MP-Underwater-Digital-Camera-Rated-to-131_W0QQitemZ300127989877QQihZ020QQcategoryZ4703QQ rdZ1QQcmdZViewItem

EWA-Marine makes a case that fits the E-500 for about $300.00 to $400.00 depending on were you buy it. Good down to about 150 feet I think. You can do a Google search.

Jack