Lynda.com has some great tutorials on creating bubbles. In the DVD "After Effects, Beyond the Basics" they show how to make convincing bubbles using particles. As to the water portion, browse through the videocopilot.net tutorials.
You can monkey around with particles for a long time, but unless you really need super control over the bubble animation, I find it faster and easier to go with footage for something like this. I usually think the real thing looks much better than anything computer generated. If you don't have access to a jacuzzi and an HD camera to shoot it yourself, there are a number of stock houses out there that have texture shots like this. I have recently become addicted to Pond5.com. They have a lot of HD clips like this for very reasonable prices, and have free watermarked place holders for rough edits. This clip is $20: http://www.pond5.com/stock-footage/98309/bubbles.html With some color correcting, and blend modes (if you need something beneath the water) it might work well for you.