Many people have relegated the story of Moses parting the Red Sea to a mere Jewish myth. However, I found a rather interesting article which could explain how God did part the Red Sea to let the Israelites pass through. There is also possible archaeological evidence of underwater Egyptian chariots discovered in the Red Sea. Lets look more in detail at these two discoveries.
The Story of Moses Parting the Red Sea
As a background for this article, first let's examine the story of the parting of the Red Sea in the Bible. The Israelites were stuck at the edge of the Red Sea as the Egyptian army was approaching them, to try to make them return to Egypt. Then "Moses stretched his arm over the sea, and the Lord sent a strong east wind that blew all night until there was dry land where the water had been. The sea opened up, and the Israelites walked through on dry land with a wall of water on each side. The Egyptian chariots and cavalry went after them...Their chariot wheels got stuck and it was hard for them to move... The Lord told Moses, 'Stretch you arm toward the sea - the water will cover the Egyptians and their cavalry and chariots'. Moses stretched out his arm and at daybreak the water rushed toward the Egyptians. They tried to run away, but the Lord drowned them in the sea. The water came and covered the chariots, the cavalry, and the whole Egyptian army that had followed the Israelites into the sea." (Exodus 14:21-28).
How Did God Part the Red Sea?
Most Christians have not really paid much attention to exactly how God parted the Red Sea. They just take it as "God can do whatever he wants". But I recently saw an article which could explain how God used science and natural forces to part the water. The article is here , where a group at the University of Colorado at Boulder and the National Center for Atmospheric Research did computer modelling which could explain how the parting of the Red Sea happened.
They used computers which model how fluids behave, and discovered that: 'The simulations match fairly closely with the account in Exodus,' says Carl Drews of NCAR, the lead author. 'The parting of the waters can be understood through fluid dynamics. The wind moves the water in a way that's in accordance with physical laws, creating a safe passage with water on two sides and then abruptly allowing the water to rush back in.' .
Also "An extensive analysis of archaeological records, satellite measurements, and current-day maps enabled the research team to estimate the water flow and depth that may have existed 3,000 years ago. Drews and Han then used a specialized ocean computer model to simulate the impact of an overnight wind at that site. They found that a wind of 63 miles an hour, lasting for 12 hours, would have pushed back waters estimated to be six feet deep. This would have exposed mud flats for four hours, creating a dry passage about 2 to 2.5 miles long and 3 miles wide. The water would be pushed back into both the lake and the channel of the river, creating barriers of water on both sides of newly exposed mud flats. As soon as the winds stopped, the waters would come rushing back, much like a tidal bore. Anyone still on the mud flats would be at risk of drowning.".
Although we don't know exactly where the Israelites crossed the Red sea, and what the geography was like, I find this is very compelling evidence that the story of Moses parting the Red Sea could very well be historical fact. Their simulations match almost exactly with the descriptions given in Exodus - a parting of water on both sides, creating "mud flats" which would probably have been tricky for chariots to cross, and suddenly rushing back in and drowning the Egyptian army.
Other Archaeological Evidence
Is there any other evidence that the parting of the Red Sea actually happened? In fact, there is. The articles  and  describe how some researchers have discovered what looks like ancient chariot wheels underwater in the Red Sea. In the 1970s a researcher brought up a wheel where "The hub had the remains of eight spokes radiating outward and was examined by Nassif Mohammed Hassan, director of Antiquities in Cairo. Hassan declared it to be from the 18th Dynasty of ancient Egypt, explaining the eight-spoked wheel was used only during that dynasty around 1400 B.C." . Later in the article, they say "Regarding the items found beneath the waters, Moller believes there are remnants not only of chariots and wheels, but also human and animal skeletons.".
If this find is authentic, it could very well prove that the story told in the Old Testament about the Israelites leaving Egypt and crossing the Red Sea is true. There is always some caution with people who may want to fake discoveries for their own benefit, and so it may take more time until it is decided for sure whether this discovery is true or not. Unfortunately, the article states that Egypt has changed it's policies on historical artifacts which may make verification more difficult, and so we may not know for sure if this discovery is true.
I am always excited when scientific discoveries point to the authenticity of the Bible. I believe the Bible will match up with any archaeological and scientific discoveries, because it is 100% true and inspired by God. There is no reason for Christians to have to ignore science to believe in the Bible, and similarly perhaps scientists should take the Bible more seriously. I hope in the future there are more discoveries like this which will encourage people to trust the authenticity and reliability of the Bible.
 UCAR - Parting the waters: Computer modeling applies physics to Red Sea escape route (Sep 21, 2010)
 World Net Daily - Pharaoh's chariots found in Red Sea? (June 21, 2003)
 The Messianic Literary Corner - Ancient Egyptian Chariots found in Red Sea (by Marshall Beeber)