Energy waves bouncing around in the pipework.
You can see something similar if you sit in the bath and slosh the water about - it hits the end wall - rises up high and rushes back towards you.
Electronic signal wires can suffer a similar effect with electronic reflections of energy back along a cable.
Wikipedia has an excellent article about water hammer. Before you try any solution just close the main water stop tap half a turn or so to reduce the incoming pressure.
http://en.wikipedia.org/wiki/Water_hammer
Good luck...
Peccavi
June 2013