Blood Surf (2000)

Tv producer hires two surfers to travel to an island to film a new reality show called Blood Surf.  Chum is thrown into the water, the surfers cut their own feet, and then surf with the sharks.  In a continuity error, the surfers no longer have cuts or blood on their feet when they get to shore.

Unknown to all, this island is the home of Salty, the saltwater crocodile, who is bigger than any boat in the area.  Dirks, a local boat captain wants to settle a score with Salty as the damn croc sank his boat and ate the tourists on board, which is not good for business.

There are also pirates on the island, although not of the olde tyme variety.  The tv producer is a weasely guy, the blond surfer is kind of an idiot, and the premise is ridiculous.