When oceanic plates move apart from each other (not due to divorce or a break up, but because of convection currents), magma begins to pour up though the cracks, sealing the fissure, similar to how the human body creates scabs. Due to the presence of magma, underwater thermal vents can occur, with Volcanoes, either underwater ones, or terrestrial ones as seen in Iceland. As the earth is moving, there is an earthquake. Oh, I forgot that continental plates do this too! So, when they pull apart it is basically the same thing, but as the 2 landmasses pull apart, water accumulates causing the creation of a sea. But before that could happen, it is a giant rift, as seen in rift Valley near Kenya.