(To add perspective and scale to that shot: the aircraft carrier flight deck is 60 feet above the water. The plane's fuselage is lower than that.)
When I first saw the picture, I thought I was seeing a plane fall off the front of the carrier; no, as the caption says, that's a B-52 flying past the port side of the U.S.S. Ranger, below the aircraft carrier's flight deck level. (And as the caption also notes, the B-52 naturally cruises with its nose a little low, but that added to the illusion for me.)
This is only slightly less crazy: did you know that the U.S. military tested how to land U2 surveillance planes on aircraft carriers?
And also? They did the same thing with the C-130 Hercules:
Disclaimer: NO ONE HAS EVER TRIED LANDING A B-52 ON A CARRIER. That's not what's happening in the photo at the top of this entry.