Here's what Mr. P. Bonifay said on the subject:
"The first thing you will need to do is get out about 18 to 20 feet from the wake. You will then start a slow progressive cut back towards the wake. Build your cut up harder and harder as you get closer. This will, in turn, apply more pressure to your line. Hold your edge all the way up the wake. As you near the top begin to straighten your legs out. With your legs straight and the rope low and near your waist you will began to pop off the wake. Be sure to keep your head up and look ahead so you can spot your landing. On your way down be sure to absorb the landing well so you don’t slip out."
Quoted from:
http://wakeworld.com/Tricklist/TrickTip002.asp