There's a lake in NSW, Australia which disappears occasionally. Lake George (exciting name, I know) doesn't disappear as spectacularly as the one in the story - it takes years. Too long to watch anyway.
I've seen it in both conditions: wet and dry (pretty much). When it's dry they graze sheep there. There are all sorts of stories about people disappearing on boats out there.
Here's a link:
http://www.smh.com.au/articles/2002/...?oneclick=true
Quote:
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"...It does seem to be connected to another water system, he says, but only on the other side of the mountain rather than the world...."
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... hmmm, a connection? ;p