It's been predicted to rise several times. One of the more famous predictions was Edgar Cayce (sp? not sure), who said it would rise in the 1960's. Obviously, that didn't happen.
Well in the 1960's the "Bimini Road" appeared off the coast of Jamaica. The road was made of beach rock, so geologists say that nature formed it, but others think not due to the fact that beach rock is always parallel to the beach but the road curves instead of going straight. Also I have heard of the ancient Maya having a legend of a great civilization in the ocean that angered the gods and was punished.