Here's what Diver Cody sent me;

Shopping List

1- 10' PVC pipe section 1 1/2"
http://www.homedepot.com/p/Unbranded-1-1-2-in-x-10-ft-PVC-Sch-40-DWV-Plain-End-Pipe-531111/100135041

1 - 25' Discharge Hose
http://www.homedepot.com/p/Watts-2-in-I-D-x-25-ft-PVC-Discharge-Hose-HSCDV25/204407903

1 - 1 1/2" to 3" Reducer
http://www.homedepot.com/p/NIBCO-3-in-x-1-1-2-in-PVC-DWV-Reducing-Coupling-C4801HD3112/100343439

Assorted air fittings to make it compatible with your air compressor.

Here is some background on the theory:
http://en.wikipedia.org/wiki/Airlift_(dredging_device)

Here is a decent layout although I recommend trying to get the supply line as close to the bottom as possible without just blowing bubbles out the end like a bubble gun. Can always put it up 1.5'-2' and just nip off sections of pipe till you think you're good.
http://www.mindspring.com/~divegeek/airlift.htm

Any questions do not hesitate to ask.

Have a good day.