the black thing around the wrist looks like it's for something!? the white ones look no different than how football/basketball players wrap their fingers/wrists.... maybe the elbow one is for tendinitous (sp?)
is the black one that's on the wrist used to measure the race incase it's close like phelps??? is there another picture of the chick behind in dark blue?? you can't see her left wrist to tell...
Also, it's to protect their wrists during impact of the water and keep everything perfectly straight so they cut the water clean and dont splash....same with the taped elbows and stuff
I imagine hitting the water from that height doesn't really feel good. If you notice their hand position before they hit the water, it's probably some kind of abrasion guard.