Ducati said:
check this out also
http://www.calema.com/forums/viewtopic.php?id=3This method is the one I learnt years ago and it does work in the waves or on flat water. Used it once or twice when masts broke or wind dropped to nil. A paddle to the nearest land or a swim doing side stroke both work. If the wind is/was offshore it makes it that bit more difficult. Also the tide at a beach venue can cause extra worries.
Practice on dry land first to get the idea of what the order of derigging should be.
Try it. Then if it does happens on the water you will not panic. PANIC is the biggest hinderence to self rescue.

If all else fails, then you can ditch the rig and paddle the board back to the nearest land or pray that there is a vigilant jet skier or boatie not far away.