Yup. It's a baby Ekranoplan.
The Soviets were very much into Wing-In-Ground-Effect vehicles, and had some really huge ones, including this beast outfitted to launch 6 cruise missiles:
The USAF was intrigued with the Soviet development of these in-between hydroplane/airplane monsters, but with the fall of the Iron Curtain, they've pretty much been relegated to history. I should say "intrigued" as in what are they doing with those things, vs. us ever wanting to build our own. They can do heavy lift work in the Ground Effect phenomenon, but also have serious drawbacks. Private ventures still create one or two from time to time, as witnessed by the cute little version you found.
BTW, Ground Effect is not limited to water. Water's just more uniform, and if you have a boat hull underneath the thing, dropping your airspeed allows you to transition to a very fast boat vs. a pile of twisted aluminum.
http://en.wikipedia.org/wiki/Ekranoplan