Nonsense. Utter nonsense. See here for a debunking: http://www.aquaticape.org/leaflist.html
She answers none of her critics.Saying that history is strewn with exmaple of everyone being wrong is no answer: she must answer her critics. Here a a few sentences from the site I mentioned:
Fat deposits, Wrong. Our fat deposits are like other primates and very unlike fatty aquatic mammals, both in pattern and life history.
Descended larynx, Wrong: Humans' larynx very different from aquatic mammals, both in structure and life history, and descended larynx found in various terrestrial animals, including chimps and various deer species.
Volitional breath control, Wrong: Humans have greater control than other mammals but breath-holding is seen in other mammals, including many primates and in dogs.
To cap it all she says she cannot understand why no academics will look at it:: "Somebody up there is issuing the commandment thou shalt not believe in the aquatic theory". She has her fingers firmly in her ears and is shouting "I'm not listening".