Researchers Developing Dolphin Telephone

I, like many anglers, rely on a sophisticated electronic fishfinder to help me locate fish on waters big and small. They're great, really, but what if we could instead just pick up the phone, dial up a few of our closest dolphin friends and get a fishing report straight from the cetacean's mouth? Don't laugh, researchers are working on it, sort of...

From this story in Time:
It may not be a shiny gold inverted-V that clips to your shirt (or if you're Ferengi, inside one of your capacious earlobes) but a new underwater translator could soon allow divers to make sense of dolphin sounds, and here's the shocker: even speak back in crude dolphin-ese...That could all be about to change courtesy a couple conversation-obsessed scientists˜including one versed in artificial intelligence research˜collaborating on a project dubbed Cetacean Hearing and Telemetry, or CHAT. Their goal? To partner with dolphins and "co-create" a language both humans and dolphins can understand, allowing each to communicate with the other naturally.
_Here's how it works: divers will have computers and "twiddlers" (think underwater mouse-keyboard) as well as hydrophones (to pick up dolphin sounds) and special LEDs in their masks to indicate which direction a dolphin sound came from. When they start testing this summer, they'll basically be learning and cataloguing sounds, from which pattern detection software--it's hoped--will be able to identify the grammatical building blocks of dolphin-ese, be that word or signal based.

Hmmm, if we truly could talk to dolphins, I wonder if this is what they'd tell us?