I always enjoy posts of this type.
Nice job. Interesting and deserving of more research.
[edit on 15-7-2009 by Clark Savage Jr.]

My question is are there relatively unexamined bodies of water, or tributaries where this creature could be making a living. places we don't really pay attention to or wade through or dredge up. I imagine a decent dredge job would scoop up one of these.
You're right, cephalopods haven't taken over the freshwater world, unfortunately. In fact, there are no freshwater cephs at all! The reason for this must be physiological - how their bodies deal with their environment, in this case, how they could adapt to low-salt conditions. Some experts think it might have something to do with their kidneys (actually, 'metanephridia' if you want to use the proper term) and how they function in freshwater.
Also, cephalopods are very active animals, with high oxygen needs. The molecule they use in their blood to transport oxygen (hemocyanin) doesn't work too well in freshwater. So, take your pick! If you want to know more about squids and the like, try these websites:
www.tonmo.com...
www.thecephalopodpage.org...
Hope this helped!
Oklahoma, known to many as the Sooner State, is known for being an average type of state. It has an average population, it is an average size, it has average sized mountains and average sized lakes. It is these average sized bodies of water that interests me today though. According to various reports on the internet Oklahoma lakes have a unique and deadly inhabitant - The Oklahoma Octopus. The Oklahoma Octopus is believed to live in 3 of Oklahoma's lakes; Lake Thunderbird, Lake Oolagah and Lake Tenkiller. The Oklahoma lake dwelling monster, described as Octopus like, it believed to grow as big as a horse, have leathery, reddish brown skin. Although no recent reports have come in of a man eating Octopus in the Oklahoma lakes, natives have long suspected the killer beasts are inhabiting their lakes. Is it possible that the Oklahoma Octopus is just a myth? Is it possible that an ocean dwelling creature such as an Octopus could live in a fresh water lake in Oklahoma? Well it is possible, though highly unlikely. The Bull Shark is a ocean dwelling creature that can be found in freshwater and not too far from us either. Lake Nicaragua has it's own collection of Bull Sharks that happily swim in their fresh water lake. These sharks are potentially dangerous and have been known to attack people. However, though an octopus can grow to the size of a horse and often had leathery, reddish brown skin, no reports have ever been confirmed of a freshwater dwelling octopus.
“Lakes in Oklahoma rate high in instances of drowning. Some believe that drowning victims actually fall prey to the giant octopi living in the lakes.” reads the entry, written by the book’s author, Scott Francis, “Several of Oklahoma’s lakes, including Lake Thunderbird, Lake Oolagah and Lake Tenkiller, are said to be home to these monstrous creatures that are thought to be responsible for dragging swimmers and fishermen to their watery deaths.”