Riddle Me This

Underneath and paired with the deep blue sea
You'll find this spelled phonetically
Above ground, homonyms cause distraction
Find the plural form, and drop the contraction
Next apply the Scotsman's lilting voice
To the ability verb (or container of choice)
Last, write the name of the honey bee
Reverse it, and take the last letter you see.

Are you as happy that it's almost here as me?