This picture was taken at one of the Mavericks Surf Contest on the San Mateo coast of California. They are not held every year, but only when the waves are humongous. Apparently, on Saturday (13th February), they were especially large. There was a rogue wave that crashed into the spectators injuring a few of them.
SF Gate has some spectacular pictures of the surf competitors along with those of the rogue wave. They can be found here. Notice that all competitors wear a wet suit - it's the only way to enter the cold water of this part of California. Southern California has the beaches with the warm water.

