What about deliberately 'sinking' a small bulk carrier, and positioning it over the busted wellhead. Oil goes in, and fills the tanks, displacing existing water. Once it gets full the bulk carrier is hoisted back up. Or something like that, anyway.
Krez, I don't think it's daft to assume that a system which is vastly expensive, critical to operations, and for which the operators are criminally liable, is going to be run to the highest standards. We're not talking about a greyhound bus. I never said an invetsigation shouldn't be held, just that painting BP as reckless cowboys is a strange assumption.
EDIT:
A better idea, of course, would be to leave the hull as collection point in place, and pump the oil up. Which is what BP now intend to do!