WDB CARGO ACFT DSNDS TO WITHIN 600 FT OF THE WATER WHEN ALTIMETERS ARE MISSET BY AN INCH.

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DSCNT CLRNC GIVEN BY ATC WITH ALTIMETER SETTING 28.86. PNF READ BACK 29.86. ATC DID NOT CATCH MISTAKE. ON IN- RANGE CHKLIST; ALL 3 CREW CALLED 29.86 AND SET ALTIMETERS. DURING DSCNT; ATC CLRED US TO 5000 FT; 3000 FT; AND 1600 FT. ACFT WAS ALWAYS WELL ABOVE ALT CLRED TO WHEN NEXT LOWER ALT CLRNC WAS ISSUED. WE WERE CLRED FOR A VISUAL ON DOWNWIND AT 3000 FT INDICATED AND TURNED BASE TO DSND TO 1600 FT INDICATED (FAF ALT). INITIALLY CAPT DID NOT ACCEPT VISUAL TILL APCH GAVE US A TURN ONTO BASE LEG. THIS WAS INSIDE OM TO INTERCEPT FINAL. APCHING FINAL; WE HAD A GS GPWS WARNING. FO REALIZED ALTIMETER SETTING WAS WRONG AND MAINTAINED 1600 FT INDICATED TILL GS INTERCEPT. FO NOTED RADAR ALTIMETER WAS AT 700 FT AT GS WARNING POINT. NOTE: THIS APCH IS OVER WATER (SEA LEVEL). ON ROLLOUT; SO NOTED ALTIMETER WAS SET 29.86 AND SHOULD BE 28.86 SO WE WERE 1000 FT LOWER THAN INDICATED DURING DSCNT AND APCH. SO HAD 28.86 ON THE BUG CARD. CREW MISSED THIS ON 'IN RANGE' AND 'APCH' CHKLIST. ALSO; ATC SHOULD ALWAYS CALL 'LOW' WHEN SETTING IS BELOW 29.00 INCHES. NOW THEY DO SO SOMETIMES.