The 42 year old Buderim man was at Noosa North Shore with friends when he went for a swim and became caught in a rip.
The man was already underwater when his friends reached him, pulling him to shore.
He was airlifted to Nambour General Hospital in a stable condition.
*This rescue mission was completed when the Sunshine Coast service operated as AGL Action Rescue prior to the July 1 2013 merger with CareFlight Group Queensland.