There was an old lure that I absolutely loved.  It caught my biggest bass 8 1/2 pounds and also accounted for numerous other 5+ pounders.  Unfortunately, I lost it to a tree 3 years ago and have never found one similar since.  It was a jointed jerkbait, similar to a rapala jointed.  I guess it was about 10 years old and made out of plastic.  The paint was all worn off, but it was silver with a blue back.  The difference between this one and a rapala jointed was that it had a looser joint and swam in a S pattern.  My best guess would be that it was a rebel.. but I'm not too sure.  If I could find this lure, I'd by 10 of them.  It also was a shallow lure, running no deeper than 1 foot.  

Heddon made something called the Zara Gossa, a jointed underwater bait that supposedly walked the dog underwater.  I have one and it has caught some bass, but I rarely use it.  Here is an ebay auction of one, hopefully this is the lure you mean:

http://cgi.ebay.com/HEDDON-JOINTED-ZARA-GOSSA-BLUE-SILVER_W0QQitemZ7238044191QQihZ018QQcategoryZ7300QQrdZ1QQssPageNameZWD1VQQcmdZViewItem

Sounds like a Rebel.  Was the joint a little more towards the rear than the middle?

LBH, the only time I tie on one of those Rebels is when I want to catch a musky!  ;D  Although I have caught a few smallies while fishing for muskies.  

It might be this:

http://www.outerbanksoutfitters.com/product/475555470msk.htm

Those jointed rebels swim in an S motion like you were saying vs. the rapalas. They were all I threw when I first started fishing. ahhhh the memories.

It may also be a jointed Pikie by Creek Chub.

WRB

Yea, my pic is of the fastrac (diving).  The pic T-rig posted is the floating.  Both of these are true producers for finding bluefish on a troll.  Then we get them in and get the fly rods out.  Great search bait.

Another note.  We always remove all hooks and replace only the rear with a  bucktail-tied, single hook.  No trebles.  

After looking at a bunch of baits, I think it's a rebel jointed minnow.  The joint was more in the middle, and had a much more exagerated swimming motion than the rapala jointed.  It almost looked like a snake going through the water.  It floated and wouldn't go more than 1 foot down, but mainly 6" or so.  I'm gonna buy one and see if it's the same exact thing and if so.. I guess the baitmonkey is gonna be happy.