It's the ship from Ocean Bound, spinning around under a banner made of Tim Holtz Tissue Tape stamped with the boat from Bitty Baby Blessings stamp set. The waves are made using the appropriately named Waves background stamp by Hero Arts. The Ship is from Waltzingmouse's Ocean Bound (I am REALLY loving this set).
I want to make sure I get this entered in time, but I have a tutorial in the works that I will post soon. But basically it's a spinner card just made 3D.