Ocean Power Technologies (OPT) has a nice video clip of it's PowerBuoy™ which can be found here (windows media player). Wave power has the advantage that it can produce power continuously and has the potential to compete with fossil fuel power, without having the visual distractions of wind power. OPT's PowerBuoy™ is designed to be deployed in approximately 100 feet (30 meters) of water. Inside, a piston-like structure moves as the PowerBuoy™ bobs with the rise and fall of the waves. This movement drives a generator on the ocean floor, producing electricity, which is sent to the shore by an underwater cable. A previous post on Wave Power has further information about OPT.
Earlier this month OPT announced that they had been selected to install a 5 MW system off the north coast of Cornwall, UK. This is their sixth installation, other project sites include Spain, France Hawaii and New Jersey.