I used Cutout filter for the upper portion, and Buzz simplifier for the water and swimmers.
Need to search for a better match for the text font.
For the text, I matched colors, stroked in black and used the character palette to proportion the two lines differently.

I started with a scene from Imageafter.com to create the poster

forum discissuion: http://forums.dpreview.com/forums/read.asp?forum=1006&message=28202246