I read a review to a book (The Electric Universe, I believe) that went something like that. I don't subscribe to that idea. The one I prefer is the release of stress from the melting of the ice from the Ice Age. Also, the Red Sea was land locked during the Ice Age, it may have even dried up like the Persian Gulf.
The explosion and earthquakes associated with Thera (1628BC) may have broken the 'dam' that seperated the Red Sea from the Mediterranean and caused the 'parting of the waters.' The Red Sea may have been somewhat like the Dead Sea is today, at that time.