How to get this effect (innovative surf video)

hi, im starting to use premiere (plan to learn after effects too), have used mostly imovie before; the effect Im most interested in right now is used a lot in this video but look specially for this times:

2:49
3:05 to 3:08

I guess there is more than 1 effect going on …

thanx!

via Video Editing Forums: Digital Director – Adobe Premiere, Premiere Elements, and After Effects http://www.videoforums.co.uk/adobe-premiere-premiere-elements-after-effects/42421-how-get-effect-innovative-surf-video.html