The Dark Depths *Update*

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Sounds like this will be short, sweet and without unneccessary fancyness - just the way I like it As for your problem, maybe you could try using Maya instead? There are free student versions available, you just need to register on the Autodesk site. Those versions can then be used for three years or so, which should be more than enough ^^

Also, in general I think that having good and new sound effects will be way more important for the kind of story you want to create than anything graphics-related. First of all to create that special underwater-atmosphere, but also because that giant sea beast would even work without a model - only by using sound and indirect clues to its location (particle effects of mud being stirred up, subtle camera shakes, small fish around you suddenly fleeing... that sort of thing)