To me it looks as if it says: The Wise Guys of Co. 33(?) Great Lakes Ill. Feb 1948. There is a Naval Station that is on the coast of the Great Lakes which would coincide with the Naval uniforms. I provided a link to the wiki page.
Here is another website that may help get you a better photo of your grandfather:
Another resource to try would be to get in contact with the Purple Heart Museum located in New Windsor NY.
Good Luck! I hope this helps.
Thank you so much! Thats better than I could figure out. ^.^
I will look into the other links provided and forward them to my mother (who wanted the caption on the photo).
You're welcome. I am glad I could be of some help.