Finally I have manged to get going with my build, after lurking around this site for many months now I guess it's about time too.
I have created a blog where I will be posting my updates as I go along. But I will also be using this thread.
Link: http://olegodo.blogspot.no/
My ROV will be based on the SeaFox design, brush less motors (not sure if oil filled or straight in water yet), network communication between topside and ROV (same solution as OpenROV), On board arduino and/or Rasberry PI for controll, on board LiPo battery pack, simple camera for navigation (usb or IP) Manipulator with tilt and rotate function.
This is the plan as of today and may change once or a few times

So far I have received quite a lot of help with arduino programming from a_shorething, and I am also using his "Xbox360 pass-thru" software to send commands from my 360 controller to my arduino.
Progress will most likely be slow and quite random as i go

Feel free to ask questions or come with suggestions!
Update 01.09.2014:
The files for my first thruster design can be found in the following link for anyone who wants to print one.
Note that more updates, different propeller designs will come later.
PDF Drawing of thruster with parts list:
https://www.dropbox.com/s/1bbh92cnv4btu ... 1.pdf?dl=0
Folder containing files:
https://www.dropbox.com/sh/35tuy8w8eqgb ... pjgKa?dl=0