First of all, I don't think you are going to get it 'exactly' like this without modeling it in an outside application like Max or Real Flow or some other particle tool. However you can closely approximate it in Vue 7.

The difficulty lies in controlling individual waves like the ones that go out at an angle from the ships white wake. Even though the displaced water plane is way cool, it's still somewhat fractally 'random' (even though fractals aren't really random but repetitive). So perhaps you can fake it well enough that you won't need them.

The water plane and the 'metawaters' in V7Infinite still use the distance to object below node system so what I would try is making an object or using a terrain that is stretched out and with perhaps a Veronoi applied in the terrain editor(not necessary) and a white foam material applied. I would animate the white foam in this object with 'velocity of material origin'. Flatten it and attach it to the ship object just 'below' the surface of the water.  Or better yet, use a mixed material that is the same as the water but with white on the top fading out to the edges.

Since the water plane's foam reacts to what is directly below it as opposed to what is sticking into it, the terrain object attached to the boat will generate the foam reaction in the water plane from the bow to all the way behind the ship. If you don't get a reaction bring it up to as close to the surface as you can.  And where the terrain object breaks the surface or sticks out of the water plane, it has white foam that is animated as well and should blend in with what's happening with the water plane.

Hope this helps.

Mind you, I am no water expert and certainly don't know much about animations. So if someone out there has more and better ideas, help this poor sailor out lol......

M