If you look around on the internet, you might find a story of a Balao during testing of some sort during the 50's (exact purpose, and name of the boat, escape me as of now) which has a failure, and sinks to about 1,000 feet, give or take, before she's crushed.
But Balao boats, with a test depth of 400 feet, have been know to survive 700 or more. Or, at least, in the game.
:Side note: I've taken my Skipjack down to 1,275+ feet. i actually went all the way down to 1,500+, but game limitations kept me from going deeper than 1,600. My sub would become unresponsive, and my view from inside would snap outside. The crew would still take orders, but they wouldn't take effect. My speed, course and just about everything else was fine but frozen: nothing would change.
Guess i just dove right out of the world, literally!