Here's what I know:
Always rinse your camera after in the salt water per the directions that come with the camera. I've had an Olympus fail due to salt build up around the seal on the battery/memory card.
Double check your doors before surfing. I always open and close both doors before I tuck into my suit before going into the water. Make sure you hear them "snap" shut. If not, make sure they are clean and seal properly.
I tie my wrist strap from the camera to the zipper teather on my wetsuit, and tuck the camera into the top of my suit, under my chin. If your suit is loose in that area, you might want to tuck it behind your neck.
For shooting photos, I almost always have the camera in 'P' mode. Select the 'ok' button and scroll down to the rapid fire mode. Its the one with the square boxes. Select the multiple to the farthest right with 'hi' in the icon with the mulitple squares. I use this for action/surfing.
For shooting into the sun, I change out of the rapid fire mode, into single, or delayed multiple shots. You will need to change the ISO down to 80. This works most of the time, but if you're shooting into straight sun reflecting off of the water, you probably will discover white out.
I tend not to use the pre-programmed settings too often, but do for sunrises.
As far as water spots go, the Olympus has a lense cover that opens when you power up. I've found that the Oly will clear water spots when you power on when you're ready to shoot. If you keep it on and go under water and come back up, you're going to have water spots.
Also, check the lense for schmultz. Where I surf, there's crap in the water that gets on the lense which requires cleaning when in the water (fuzzy photos). Rub the lense on the inside of the ankle of your wetsuit. Don't use the outside because your just going to rub more schmultz in the lense.
Trial and error are the key to getting good shots. You will get your best shots when the subject is within 20 feet or so. When you know that your subject is coming at you, never zoom in before shooting, because the subject will more than fill the frame when they come at you. Depending on the shot, set zoom accordingly.
This is a prime example...i left the zoom all the way wide, cause i knew he would be passing right by...
I was given the silicone cover for the Oly from warmjet (he uses the Pentax) and its helpful to keep the camera high on your chest. Without it, the camera just slips down and gets in the way under your suit.
I use Picasa for all of my post edit. Its easy and directly uploads to web albums with an embed feature for blogging. I don't think photoshop is worth the point and shoot shots (cause i'm not that experienced in pshop). I could be wrong...
Angles are key in shooting. Understanding the spot you're shooting, know where to be as the subject is passing you, and position yourself in tight spots is key. Don't be afraid of putting yourself into the impact zone to get the shot. I've had my best shots
If you have anymore questions post'm up. I'll fill in the blanks......