Disclaimer: I'm a product manager at Lytro.
The answer is "it depends."
The max shutter speed is 1/250s, and the built-in ND filter makes it possible to shoot in bright conditions. So yes, technically, it's possible.
You really need shots that have a lot of depth to get good results. For larger objects like people, you'll want to backup and zoom in. You will be able to get decent depth, but it can be harder to shoot kiters with long focal lengths if there's nothing in the foreground and no background. For smaller objects, zoom out and get close (you could put the camera on a bar and shoot down the lines, for example). If you're hoping to be in the water with a housing, shooting wide, it probably won't go too well.
Here are some wakeboarding shots I took in Baja (the one with the water droplets is my favorite), all of which I'm zoomed in a bit and shooting from a boat: