Jay Moriarty was a young surfing star drawn to the huge waves off of California. He gained widespread fame for a killer wipeout in 1994 that found its way to the cover of Surfer magazine. (See the wipeout for yourself after the jump.) However, Moriarty's adventurous waves weren't relegated just to the swell. He loved to sky-dive and free-dive, and the latter would lead to his demise. Moriarty was killed the day before his 23rd birthday while free-diving in the Maldives.
Should Penn sign on the dotted line, he'll play Rick "Frosty" Hesson, a former lifeguard and collegiate swimmer who became his mentor. Penn might take on the swimmer/lifeguard role, but it will be wild to see him back into the culture, especially in the hands of Hanson (L.A. Confidential, Wonder Boys). After all these years, will Penn get frosty once again?