A wave energy recovery system comprising: - a shaft, a plurality of motion translating assemblies, each motion translating assembly comprising: a main buoy; a retracting buoy, a shaft segment, where said shaft segment is one of a plurality of shaft segments forming a shaft connecting said plurality of motion translating assemblies; -- a pulley (22; 36), coupled to said shaft segment; and -- a cable (24; 42), coupled on a first end to said main buoy, coupled on a second end to said retracting buoy, and wrapped around said pulley (22; 36), wherein vertical motion of said main buoy is translated into a rotational motion of said pulley (22; 36) and wherein the rotational motion of said pulley (22; 36) is translated to said shaft segment when said pulley (22; 36) rotates in a first direction, but said pulley does not translate rotational motion to said shaft segment when said pulley (22; 36) rotates in a second direction, and wherein the retracting buoy includes a guide sleeve arranged to slide along the cable (24, 42) to maintain a controlled reciprocating motion of the retracting buoy with respect to the main buoy; and - an electric power generating device coupled to said shaft, wherein rotational motion of said shaft results in said electric power generating device generating electric power. - a shaft, a plurality of motion translating assemblies, each motion translating assembly comprising: a main buoy; a retracting buoy, a shaft segment, where said shaft segment is one of a plurality of shaft segments forming a shaft connecting said plurality of motion translating assemblies; -- a pulley (22; 36), coupled to said shaft segment; and -- a cable (24; 42), coupled on a first end to said main buoy, coupled on a second end to said retracting buoy, and wrapped around said pulley (22; 36), wherein vertical motion of said main buoy is translated into a rotational motion of said pulley (22; 36) and wherein the rotational motion of said pulley (22; 36) is translated to said shaft segment when said pulley (22; 36) rotates in a first direction, but said pulley does not translate rotational motion to said shaft segment when said pulley (22; 36) rotates in a second direction, and wherein the retracting buoy includes a guide sleeve arranged to slide along the cable (24, 42) to maintain a controlled reciprocating motion of the retracting buoy with respect to the main buoy; and a main buoy; a retracting buoy, a shaft segment, where said shaft segment is one of a plurality of shaft segments forming a shaft connecting said plurality of motion translating assemblies; -- a pulley (22; 36), coupled to said shaft segment; and -- a cable (24; 42), coupled on a first end to said main buoy, coupled on a second end to said retracting buoy, and wrapped around said pulley (22; 36), wherein vertical motion of said main buoy is translated into a rotational motion of said pulley (22; 36) and wherein the rotational motion of said pulley (22; 36) is translated to said shaft segment when said pulley (22; 36) rotates in a first direction, but said pulley does not translate rotational motion to said shaft segment when said pulley (22; 36) rotates in a second direction, and wherein the retracting buoy includes a guide sleeve arranged to slide along the cable (24, 42) to maintain a controlled reciprocating motion of the retracting buoy with respect to the main buoy; and -- a pulley (22; 36), coupled to said shaft segment; and -- a cable (24; 42), coupled on a first end to said main buoy, coupled on a second end to said retracting buoy, and wrapped around said pulley (22; 36), wherein vertical motion of said main buoy is translated into a rotational motion of said pulley (22; 36) and wherein the rotational motion of said pulley (22; 36) is translated to said shaft segment when said pulley (22; 36) rotates in a first direction, but said pulley does not translate rotational motion to said shaft segment when said pulley (22; 36) rotates in a second direction, and wherein the retracting buoy includes a guide sleeve arranged to slide along the cable (24, 42) to maintain a controlled reciprocating motion of the retracting buoy with respect to the main buoy; and - an electric power generating device coupled to said shaft, wherein rotational motion of said shaft results in said electric power generating device generating electric power.