About postprocess effects and flags 16 & 32 for texture - all work fine, I test it:
Ok... the problem appears only when I move the camera in certain angles... When I turn off the postprocess the bug disappear.
The flag 16+32 is active in both images.

I can do (specially for you) Glow mode - an full analogue of the algorithm from AShadow lib. Need to spend time for this mode, you certain? Can you mistaken?
aShadow is faster in MY PC, i'm 100% sure about that.
Here is the aShadow config on my example.. ( Maybe this can help )
Ref_Glow_DarkPower=3 Ref_Glow_BlurPower=2 Ref_BlSprAlpha#=.2 Ref_CountBlSpr#=6 CreateGlow Camera, 512, 512 ,.35,.5
Maybe is a issue with my VGA/Drives like Mortiis says, but is just a maybe. If you can, send me the special version to test it. ^_^
Thanks MikhailV.
@_33
- There is no fog underwater
HideEntity WPhys\MeshWater TMP_AjusFogMin# = EntityY(Main_Camara) + 13.5 TMP_AjusFogMax# = TMP_AjusFogMin + 15 CameraFogMode Main_Camara,1 CameraClsColor Main_Camara,154,204,207 CameraFogColor Main_Camara,154,204,207 CameraFogRange Main_Camara, TMP_AjusFogMin,TMP_AjusFogMax CameraRange( Main_Camara, 1, TMP_AjusFogMax ) ShowClipplane WaterClipplane AlignClipplane WaterClipplane, WPhys\PivoteClip SetBuffer TextureBuffer(ReflectTexture) RenderWorld() HideClipplane WaterClipplane EntityTexture WPhys\WaterFX, ReflectTexture, 0, 2 ShowEntity WPhys\MeshWater SetBuffer BackBuffer()