Will a waterproof bag protect my iphone 5?

I'm going cliff jumping soon at Brownstone and I want to take videos of my friends and myself jumping, would an underwater bag protect my iphone?

How about this? http://amzn.to/...to/1oTKbZQ

Compatible with iPhone 5s and iPhone 5
Fully submersible to 6.6 feet
Survives drops from 6.6 feet
Full screen protection and functionality
Maximum sound output and clarity

+ it comes with a choice of 45 different designs

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