the refraction effect is caused by the water surface's wave depths. Basicly it will give you a pretty good illusion of waves on a simple 2-Tri Plane. I'd suggest to search for the best alpha and probably use a reflective texture on an additional layer.
You may also try my Texture Wobbler, tho it crashed on a few machines. It's also not perfect since it's using rectangular sinus-shifted copyrect to achieve the effect.
You may also try my Texture Wobbler, tho it crashed on a few machines. It's also not perfect since it's using rectangular sinus-shifted copyrect to achieve the effect.