I am not a surfer but I live on the island. It is a popular beach for surfing when conditions are good, but you couldn't count on getting surfing weather every day. It hosted the Wight Air Extreme Sports event for several years, though the event has moved to Brighton this year.
There is a water sports centre, Wight Water, just along the beach at Lake where I believe you could hire equipment.
More info on the island surf scene at these links:
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Answers
useless
I have never acctually been there, but I hear the surf is horrible!