Pre requisite: Make sure you can do a huge wake jump.
1. Do your normal huge wake jump.
2. Make sure you ride all the way through the wake so you get the big pop you need.
3. Relax your shoulders, once in the air. (DO NOT THROW YOUR LEGS OUT!) Relaxing your shoulders lets the boat stretch you out into the superman position.
4. When you feel the yank from the boat simply pul the handle back to your hips and pull the board back under you.
If you throw your legs out instead of simply relaxing your shoulders two things may happen:
1. You will create to much force and probably loose the handle.
2. You will be concentrating too much on throwing your legs out and not ride all the way through the wake thus not getting the height you need, resulting in being only a foot or two above the water and becoming a human torpedo.
Like Wade said above, you have to fully commit to this trick, there's no half a$$ing this trick.
Check out the two links below. They are videos of when I was learning the Raley.
It will give you an idea of what you have in store. You can see when I half a$$sed it.
The crashes are at the end of the video.
Needless to say I think I was lucky that didn't hurt/break anything, I was just very sore the next day.
http://www.wakepics.com/img/12107 http://www.wakepics.com/img/12108