Here's a quick sample of the effect...even though you guys probably know this one... this is a stretched out sphere primitive just below the surface of the water plane with 'distance to object below' node and SeaVue mat for the white stuff. 

I thought also...what if I brought it up a bit and made it invisible. Well lo and behold it's the Philidelphia Experiment with the wake running around the edge of the object lol.......