First of all I confess to never having used this fly in saltwater. 
I was asked to tie several colours of Woolly Bugger Fly for use in saltwater and after a bit a talk to my customer decided on red/black/red hackle, blue/white/fluoro pink hackle, black/orange/black hackle, and olive/white/olive hackle.
The fly is a general baitfish imitation designed to create disturbance in the water which attracts predators. Traditionally it's made with a maribou feather tail, antron wool or fritz body and a feather hackle palmer wound along the body (palmer winding means spaced out rather than tight, side-by-side, winding) ... My version is similar using maribou for the tail, antron body wool, but a synthetic hackle rather than a feather hackle...
This example shows a White-Bellied Blue Bugger with a Pink Hackle tied onto a Kamasan B940 #2 Hook. Start by tying on a blue maribou feather along the top of the hook leaving a tail about twice the length of the hook.
To make the fly sink faster you can wind lead wire around the shank before the next step ( this photo shows one of the red flies as I forgot to take a photo of the blue one) 
Next turn the fly over and tie in a white maribou feather to create a white belly and tail with blue above.
Decide on the colour of your body and hackle and tie them in tightly just behind the tail, move the hackle out of the way temporarily, wind your thread up to the eye, then carefully wrap the body wool from the tail up to the hook eye.
Secure the wool then palmer the hackle up to the eye. Finally tie off the hackle and whip finish, securing the thread with a blob of head varnish.
I've got to admit to not being overly excited by this fly but I've tied a few to use myself. I've been told when and how to fish them so (low light levels and slow, jerky retrieves) so I'll have a go with them and hope I can be proved wrong 
