I don't think so. I think the funny color of the hulls are a result of the color correction and brightness change to the digital image. The splashing and water being thrown about is all consistent in frame speed (i.e. right amount of blurriness).

I suspect that the cat just took a dramatic nose dive, the skipper flew off (and forward) and the 165lb A-cat popped back up out of the water like a cork and the wind propelled it forward. The sail angle is right, the hiking stick is right, the sailor in the water is right, the splashing angles and timing is right....me thinks it's real.

Besides, where how would you find a picture of a catamaran at that angle from which to begin photoshopping?