Crocodile Hunter, Part 4

The intrepid and plucky Steve Irwin (Steve Gottschalk) is at one moment talking excitedly about the fresh-water crocodile and how dangerous it is, leaning way too far out over the side of the boat, almost as if to tempt fate, and the next moment (conveniently permitted by a sudden and unexplained blackout of the lights, during which we see only the crocodile's baleful red eye glowing ominously in the murk), we hear a shriek, a repetitive crunching sound, and then Steve's voice, rather muffled and echoing oddly. Now what just happened. . .?