What should be in a ditch bag?

[Elmo]

Thanks Fishing Fool for starting. Tomorrow after work I plan to hit Bass Pro for some items specific to a ditch kit. First and foremost a handheld VHF that is submersible and floats! The model I intend to get also has a strobe light on it. I have a great VHF with dsc on the boat but what good is it if you don't have time to use it. I was also thinking of just putting all saftey gear on the boat, in it and make sure it is easily accessible. I will also get a replacement bilge pump and the required connections that if I don't replace the original, (due to time or crazy seas), I can make it work on its own. Also interested in others ideas.