I'd jump on it, wrestle it to the seabed, and keep it there 'til it drowned. Then I would swim back up to the surface when it was down to its last three seconds of breath. Kind of like playing on "No Mercy" for the N'64, beating your opponent up outside the ring, then getting back into the ring when the count is on 9.

Only, my plan kind of falls flat when I get to the bottom of the seabed.