Generating energy from ocean waves is obviously a very clean and innovative idea and for implementing this idea in real world, a Scottish engineering company ,Pelamis Wave Power Limited has developed the Pelamis Wave Energy Converters (PWEC) which can capture the ocean wave energy. If you understand the notion of surfing on waves then you can understand the motion of Pelamis Wave Energy Converter while generating electricity.
So have a look on how this Project works. Actually there are four long sections having three small generating motors in between them. These four long sections , joined by hydraulic rams forms one machine. These rams have a in and out movement for the waves passing through the machine. This ram movement pushes hydraulic fluid into a high-pressure reservoir which then releases the fluid at a steady rate through a generating motor. This power from generating motor is fed to the cable on sea bed which then transfers the power to shore sub-station.
Under the first phase of project three PWEC are being used which are generating 2.25 Megawatts. If this first phase gets a success then further 25 machines would be installed which would increase the generation level to 21 Megawatts. This power of 21 Megawatts would be sufficient to lighten up 15000 Portuguese homes.
The project is a joint venture between Pelamis Wave Power Limited, Babcock and Brown Ltd;a global specialist asset manager, Energias de Portugal (EDP) and Portuguese energy group EFACEC.
Apart from generating electricity the second phase of this project would also dispplace 60,000 tons of CO2 which is very advantageous from Global warming point of view.
We really appreciate this innovative move and hope the success would come their way very soon.
Shahab khan is a Tech blogger from India & a founder of VirginTech. He blogs about Technology, internet, Social media, computer tips & tricks and Web 2.0. 
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Very cool n eco friendly too!!