My google-fu suggests that it may be from a phylum of marine worms Nemertean worm, which has puzzled people before. While 7 to 10 feet is long, Nemertean worms "range in length from 1 mm to as much as 30 metres (100 feet) in the case of the bootlace worm, Lineus longissimus. Some texts quote lengths of up to 60 m, in which case, L. longissimus would be the longest animal alive (female blue whales reach about 34 m)".

To be honest, this sounds like a bit of a media overhype, especially from what appears to be the original news article (which I just found), that says, "Friends of Jay who work at the Smithsonian say it may be some sort of Nemertean Worm, but they're puzzled by some of its characteristics. For now they're simply calling it "undescribed"." Compare this with the news article quoted in Neatorama, which looks to have ripped everything from the original except for that small yet very crucial bit of information.

Also, I'm not going to mess with your tags, but might you consider changing the cryptozoology tag? Cryptozoology specifically refers to the search for organisms rumored or believed to exist, but that have not been conclusively shown to have exist. This video is of a creature that has not been identified yet but whose existence is not currently in question, and whose existence had not been hypothesized previously, so it seems to fall well into the realm of marine biology, not cryptozoology.

Nice research Rembar, thanks!

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Gold Star invocations (dead) cannot be executed by bigbikeman because bigbikeman is not a Gold Star member - sorry.

grr.

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The link to this video has been flagged as dead. Fix it within 7 days or it will be discarded (dead called by Gold Star member pyrex)

Discarding this video. It was flagged as dead but not flagged undead within 7 days.

I encountered what I think was a nemertean in Antarctica a few years back. It was very similar to this, but about 5 m long and dayglo orange. It swam with a serpentine motion when up in the water column. Oh, and it was covered with some very impressive mucus!

fixe here:
http://www.youtube.com/watch?v=cia9CZPToko