Check out Coyote Cal's in erinidira about an hour south of ensenada. It's an old large house turned youth hostel with the garage converted into rooms as well and a barefoot beach bar run by a very cute 19 yr old local.
The place was definitly gorgeous located right on a cliff overlooking the pacific ocean with 6 surfing beaches located within 5-10 miles of the hostel. They rent wetsuits and boards for a bit of a fee (15 for the day I think) The hostel costs 15 US a night. Corona's are 2.50 and i thought a bit pricey. You can't bring your own beer inside the hostel so make sure you get a cooler and some ice in ensenada and buy your beer there instead. The corona distrubutor on the way out of town sells cases of 20 for 11 US.
The other place is Ecomundo. Ecomundo is located 15 miles south of the town of Muluge on highway 1. Muluge is the first large town in Baja California de Sur. Ecomundo is situated along Bahia de concepcion, a beautiful bay off of the sea of cortez. The bay is chock full of decent snorkeling and even better kayaking. Ecomundo has 8 bungalows made out of mud and bamboo with cots inside. There is no running water but they do have showers with rain water and provide jugs of water for brushing and cleaning. It is run by Gary and Tracey a young couple from colorado. They also cook up breakfast for ya for a few dollars. A hut for four is 220 pesos a night and worth everyone. If you do go make sure to kayak over to Ani's restaurant. A fantastic little mexican joint and the only actually close to ecomundo.
Adventure needs to be as much about discovering yourself as it is about discovering the world.