Alaskan fishermen take shaky, grainy, black and wight, footage of what they claim to be a monster. As the thread title suggest my hypothesis differs quite a bit.
http://news.yahoo.com/blogs/upshot/loch-ness-monster-alasaka-204906638.html

To demonstrate here is an image of what I think is happening.

Have you ever seen dolphins from a good distance - several dolphins, alternately breaking the surface, then diving again, looks very much like drawings of sea serpents.

Black and white footage (in 2009?), grainy, shaky and unfocused, very minimal amount of footage of the actual 'monster' and just lots of incredulity from the 40 year fishermen....

It's got all the hallmarks of a hoax.