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I haven't heard of this technology being used either.

I'd expect there may be a challenge of making sure that when the waves really surge, the turbines or whatever is in contact with the waves doesn't get damaged.

I wonder how much this has been experimented with or is already being used?

Where would you put a generator to harness the power of a "wave". Tidal Generators (those that harness the power from the flow/current of the ocean) are abundant. And hydro blades that go in currents produced by rivers or the natural currents in the ocean are also very popular. However when it comes to true wave power the question is where would you put the generator for the greatest effect. I am pretty sure I know what you ment by waves and just wanted to play devils advocate (actually I'm looking for a fight, forgive me) but to answer your question clearly check out this article on treehugger.com about the new "wave" system going up in Canada.
http://www.treehugger.com/files/2009/07 ... ounced.php

Great Stuff.
Have a great Day. Sorry to be a D*** but I'm in a seriously bad mood.