Yes, it is flying!

A Moth class sailing dinghy which "flies" on two foils, one about two feet across by six inches wide towards the bow of the boat, and one about 18 inches across by four inches wide underneath the rudder. As the boat sails along the foils lift it out of the water and it accelerates to a ludicrous speed - in excess of 25mph!!!!!!
The helmsman balances it by moving around on the trampoline rigged out either side.
It looks truly amazing and totally bonkers - still he seems to enjoy it.