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This biplane is a Boeing/Stearman N2S-3, developed in 1934. 8,400 of them were built for the US Air Force and the US Navy as a primary trainer (has accommodation for the student and instructor in open cockpits in tandem). This one, is the N74650 (US Navy 586 with serial no. 75-7448) and was built in 1943 and was based at the NAS (Naval Air Station) Pensacola, FLA, USA. Because of its colors, the plane got the nickname 'Yellow Peril'.
This image shows the plane flown by one pilot this time. It was taken in the air near Zeeland Airport, The Netherlands.