The code for that would be fairly short if those were the only functions required for the Arduino. In this case it could be a stand alone mini Arduino like what ED uses for the beacon. With a separate dedicated power source such as a miniature LiPo. The boards do not draw very much power. You would just need it to sense a LOS for a predetermined time before carrying out the commands you programmed it to do.
After which time it could release the buoy, trigger the gas back up and play the theme from SpongeBob SquarePants
After which time it could release the buoy, trigger the gas back up and play the theme from SpongeBob SquarePants
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