I've now started on my underwater habitat, it's going to take a while to finish as I've selected a rather large area to build it in, however I have started in earnest!
The first two sections have now been created, the following video (shown below) shows the method I used to 'drain out' the water ;)
Basically I built a rectangular area of glass that isolated the water blocks off from the rest of the ocean in my Minecraft world, I then placed wooden blocks in the isolated area and then burnt them off. This meant that I could go off and do something else whilst they were burning, rather than having to mine them away to create the air space inside (which would have taken a while)… it creates quite a pleasing building with all the glass blocks as walls.