Yes it is possible behind a jetski, try to ollie off rollers they'll give you more of a kick.
There's video of Nick Davis doing ollie 720's on cable.
D-Nasty, I have found I don't get as much height on my ollies when being towed by a ski, I assume this is due to the downward pull of the rope which is attached low on the ski, well much lower than say a tower
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