SMT USING WRONG ALTIMETER SETTING ALMOST DSNDS INTO THE WATER DURING A VOR APCH.

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ENRTE TO ADQ; THE FO GOT WX FROM ENA RADIO AND COPIED AN ALTIMETER SETTING OF 29.82. JUST PRIOR TO DSCNT; HE PICKED UP THE ADQ ATIS. I WAS MONITORING THE #1 RADIO AND DID NOT HEAR THE #2; ON WHICH THE FO GOT THE ATIS. PASSING FL180; THE FO CALLED THE TRANSITION; ALTIMETERS 28.82. I QUESTIONED THAT SETTING; AND HE RECOUNTED; STATING THE SETTING OF 29.82. WE EXECUTED THE VOR RWY 25 VIA THE ARC. TURNING ONTO THE INBOUND COURSE; THE MINIMUM ALT IS 800 FT; TO WHICH I STARTED TO DSND. WE HAD BEEN IN AND OUT OF CLOUDS WITH A RAGGED CEILING AND LOW LIGHT CONDITIONS. MY FOCUS WAS INSIDE THE COCKPIT. AT ABOUT 1400 FT; OUT OF THE SIDE OF MY EYE; I NOTICED THAT THE WAVES ON THE WATER LOOKED AWFULLY CLOSE. I LOOKED OUT THE WINDOW AND GOT THE IMMEDIATE FEELING SOMETHING WAS HORRIBLY WRONG. I TOLD THE FO TO VERIFY ALTIMETER SETTING; AND TWR CAME BACK WITH 28.84. WE WERE ACTUALLY AT 400 FT; NOT 1400 FT! I ADDED MAX PWR AND CLBED UP TO 800 FT AND WE CONTINUED TO A LNDG ON RWY 36 WITHOUT FURTHER INCIDENT. I THANK GOD THAT CONDITIONS WERE NOT JUST A LITTLE WORSE; OR THERE HAD BEEN LESS LIGHT; BECAUSE WE WOULD HAVE DSNDED INTO THE WATER AT 180 KTS. TO HELP WITH THIS PROB; ONLY ALTIMETER SETTING GIVEN WHICH IS LESS THAN 29.00 INCHES; SHOULD BE READ 'ALTIMETER LOW; 28.XX.'