Following on from the recent Submarine Aircraft Carrier post, here are a couple of images for submarine and sea launched planes. Air Progress magazine from 1965 shows a Convair concept vehicle capable of submarine activity and apparently sea launching, in a similar fashion to SKY 1. The article below from British magazine Air Pictorial from about the same time shows the plane in submerged mode too.
Each of the three models has an internal impeller, which draws in water from the large vents and propels it from the rear nacelle around a transparent dome with a light inside.
None of the four models I have actually work, either due to loose wires or corroded contacts, so I have never been able to test them, as they are especially difficult to get inside!
The orange AX 01 is the Pippin Toys version and the others are Gakken.
The Gakken releases were also distributed in the U.K by Raphael Lipkin's Pippin Toys and another distributor called Europa. Both boxes describe the vehicle as a 'Hydro Jet' boat.
Not to be outdone Redbox toys also made a pair of interesting vehicles, named simply 'Aqua Jet'
The same principal applies, with an internal impeller projecting a jet stream from the rear, while the body of the vehicle is supported on floats. The Aqua Jets seem to have more in common with ground effect vehicles like the Caspian Sea Monster or Ekranoplane, that 'flew' a few meters above the water at tremendous speeds.
Additional: Found this illustration of a 'flying submarine from Speed and Power 1970 annual!