The aquatic ape hypothesis (AAH), sometimes referred to as the aquatic ape theory, proposes that the ancestors of humans went through one or more periods of living in aquatic settings, which was responsible for the development of many of the characteristics of Homo genus that are not seen in other primates. The AAH theorizes that when early or proto-humans lived in proximity to water, they gathered much of their food in or near shallow bodies of water through beach-combing, gathering aquatic plants and animals, coconuts and bird's eggs. Variations propose fresh-water habitats, in the timescale, and the proposed degree of selection arising from moving through water. The most popular formulation involves a semi-aquatic episode coinciding with the Pliocene-Pleistocene littoral diaspora of the Homo genus along the East-African Rift Valley lakes and the African and Indian Ocean coasts.
Claim: Nakedness - Humans are the only primate species in which, over most of the body, hair is so fine and sparse as to reveal the skin under it into adulthood. Some aquatic mammals such as whales, dolphins, walrus, dugongs, and manatees, and some semi-aquatic mammals hippopotamus also have sparse hair and visible skin into adulthood. The babirusa is a medium-sized littoral mammal which is about as naked as humans are. Therefore, humans have sparse hair because they are semi-aquatic.
Counter-claim: Humans also developed sweat glands. These displaced hair follicles in the skin to allow cooling of the body during vigorous exercise, an adaptation which seems useless for water dwellers.
Claim: Bipedalism - ...as evolution works in small steps and in such a situation it is hard to see how bipedalism could have evolved on the savannah. Water, however, supports the body, and proboscis monkeys as well as lowland gorillas have been observed wading bipedally in mangrove or swamp forests. Baboons have also been observed to cross shallow water bipedally. It has been claimed that the one other animal known to have a pelvis adapted to bipedal walking was prehistoric Oreopithecus bambolii (commonly known as the "swamp ape" owing to its flooded habitat).
Counter-claim: Most apes are at least temporarily bipedal, using their upright state for locomotion, feeding and sentry behavior, all of which are useful for terrestrial life.
Claim: Breathing - Humans are the only land animals with a dive reflex. Most land mammals have no conscious control over their breathing. The voluntary control humans have over their respiratory system can be compared to that of (semi)aquatic mammals which inhale as much air as they need for a dive, then return to the surface for air. Morgan argued that this voluntary breathing capacity was one of the preadaptations to human voluntary speech.
Counter-claim: All vertebrates have a dive reflex. All land animals have some control over their breathing, and most have an ability to make voluntary noises such as dogs barking or lions roaring. Aquatic mammals do not inhale and store the oxygen they need in their lungs; they store it in their blood.
Those are just some of the theories. http://en.wikipedia.org/wiki/Aquatic_Ape_Theory

