Drenched in strings and flamenco guitar, Soundtrack: The Imax Film ''The Living Sea'' Featuring the Music of Sting for a film about the world's oceans is the logical culmination of the ex-Police man's bid for acceptance as a highbrow artiste. A brief remake of the Police's ''One World (Not Three)'' lightens the mood a bit, but the precious tone of the rest is enough to make you want to bury it in the deep blue sea. C

