I would be fine asking for a hand inspection from TSA if I had a regular one time use camera. But I see a potential number of issues popping up since it's enclosed in a waterproof plastic case. Add that to the fact that I have to deal with TSA in SFO (departure city), JFK (connecting city -- switching terminals), and again with Argentinean security -- that's one big headache (and one long trip!).
I'll probably get a disposable camera at my destination, or use my digital camera and hope it doesn't get wet.
Now I just wish I hadn't opened the disposable camera -- otherwise I could have easily returned it to the store.