you should know, the more waves and the smoother the waves, the more polygons it's gonna eat and therefor the slower it's gonna be. You need to find a reasonable balance between the polycount of the water and the rest of your scene.
The real good looking water as seen in some top games or demos can't be done with the DirectX7 command set that is used by Blitz3D.
Personally I'd suggest to take fredborgs water example (see my link) and make it work for your purposes. Even when you need to learn some things about Blitz until you are able to extract the water parts from his demo and use it for your project, it's surely worth the time, especially since you, and even me can learn a lot from his code.
The real good looking water as seen in some top games or demos can't be done with the DirectX7 command set that is used by Blitz3D.
Personally I'd suggest to take fredborgs water example (see my link) and make it work for your purposes. Even when you need to learn some things about Blitz until you are able to extract the water parts from his demo and use it for your project, it's surely worth the time, especially since you, and even me can learn a lot from his code.