Well you would have to take a terrain and modify it for the hole in the water, applying a water texture. For the solid wall of displacement, I would probably model it in Rhino or Max. And for the droplets surrounding the splash, just like proteus did. Its hard to get the water to look like it goes to the horizon when using terrain instead of planes. You have to surround your main terrain with the splash on it by other flat terrains to hide the edges. Do this from a side view so you can line the edges of the different terrains up. The picture here has the displacement but no hole in the water. I modeled the displacement wave in Rhino.