THE PURPOSE OF THE FLT WAS TO PROVIDE AIRBORNE INTERCEPT TRAINING FOR THE U.S. NAVY. THE MISSION HAD JUST BEEN COMPLETED& THE ACCIDENT ACFT, FNT701, & ANOTHER ACFT, FNT492, WERE RETURNING HOME WHEN THE ACCIDENT OCCURRED. RADAR DATA SHOWED FNT701 WAS AT 22,700 FT WHEN IT DESCENDED SLIGHTLY TO 22,500 FT. FNT701 REMAINED AT THIS ALT FOR APRX 2 MINS 37 SECS, THEN BEGAN A DESCENT WHICH RESULTED IN IMPACT WITH THE OCEAN. THIS FINAL DESCENT RATE INITIALLY WAS ABOUT 5,000 FPM & INCREASED TO 19,000 FPM. NO DISTRESS CALLS WERE MADE; HOWEVER, TWO TRANSMISSIONS WERE RECORDED WHICH TOTALED APRX 30 SECS. THERE WAS NO VOICE COMMUNICATION DURING THESE TRANSMISSIONS, ONLY AN OPEN MIKE & THE SOUND OF PROP(S). DURING THE 1ST TRANSMISSION, THE WORD 'OH' COULD BE HEARD. FNT492 OBSERVED FNT701 DESCEND BELOW THE CLOUDS & DID NOT DETECT ANY DISTRESS SIGNALS. LITTLE WRECKAGE WAS RECOVERED DURING SEARCH & RESCUE OPERATIONS.