Iran succesfully tested an under-water missile that travels at speeds over 200 MPH UNDER THE WATER.

Hmm... makes me want to think why they want such technology?
My suggestion to the bush administration before they do anything further. Order Navy and Marine inventors to start making "countermeasures" for this missile. If they can't do that, maybe they should attempt to make a "net-webbing" system that would trap and self detonate the missile just feet away from the ship.
If none of those things would work, why not use the Anti-Missile system their attempting to install on airliners?
This is serious, since Iran also mentioned after the test that NO ships can evade this under-water missile.
