Dangerous Waters - InterAct's consumer newsletter - was mailed free-of-charge to registered customers. The newsletter concentrated heavily on Gameshark code listings but became more diversified - with game reviews, strategies, interviews, etc - as the page count increased.
With issue #24, Dangerous Waters began its transition into GameShark Magazine. The magazine ended with issue #32.
While a Holiday 2001 special - with bundled GameShark sampler disc - was produced in conjunction with IGN, there's some uncertainty as to how this issue was marketed and distributed. Sold directly by IGN and also offered as a bonus to IGNsider subscribers, the issue may have also been distributed by InterAct to their GameShark Magazine mailing list.
Dangerous Waters Index