I got obsessed with this a while back and searched both Renderosity and Runtime DNA. I collected many people's screen captures of their 'recipes' for water. I ended up combing these ideas into one shader. Here is my recipe for water.

"A lonely climber walks a tightrope to where dreams are born and never die!" - Billy Thorpe, song: Edge of Madness, album: East of Eden's Gate

Weapons of choice:

Poser Pro 2012, SR2, Paintshop Pro 8