1. A method of determining a range and a depth of an underwater target, comprising: receiving a sound signal from the target, wherein the sound signal includes a plurality of sound signal portions, each one of the sound signal portions propagating on a respective one of a plurality of propagation paths, wherein any two of the propagation paths correspond to a propagation path pair; converting the sound signal to one or more electronic signals; generating a correlation signal associated with at least one of the one or more electronic signals; identifying a correlation feature in the correlation signal; measuring a parameter of the identified correlation feature; assuming a depth of the target; selecting a propagation path pair associated with the identified correlation feature and with the assumed depth; estimating a range of the target at the assumed depth using the selected propagation path pair; processing the estimated range of the target at the assumed depth to provide a resolved range of the target at the assumed depth and an associated first resolved propagation path pair; and assigning a likelihood factor to the resolved range of the target at the assumed depth.