fast cubemapped simple water

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Currently I can see only one solution fo this oil slick problem:
During Enviroment-Map Update
-Hide anything that is completely below the water level.
-Boolen Clip all meshes that are intersecting the water level, probably best use this code: http://www.blitzbasic.com/codearcs/codearcs.php?code=1143 , or think about to Pre-calc clipped hidden versions of the meshes with some slices raster. Whle the realtime clipping my be a bit slow (well, working on a copy of the originals anyway), the pre-calc solution may require a lot of ram.

I guess it can be implemented pretty easily when you have all meshes and their Min and Max (world)Y Vertex Location inside an array or type, then simply parse that list each frame and Hide/Clip as required.

EDIT: what I ask myself is: why isn't the green bottom texture of the skybox not mirrored the same bugous way then?