@ello

The wave height is controled by the c11 vertex shader constant so if you want to change the wave height change the values to something like
vertexshaderconstant[11]={16, 15, 14, 16}; for some weird results
v5... really don't know i guess the vertex shader does that Did i mention that this is a conversion of Ati's shader

Also, the wave appearance and scale is controled by the bumpmap. And if there is some strange shader behavior like a corner of a model being cut of or distorted you must use a model with more vertices (i used a plain old quad for the picture).

@The Matrix

Yeah, i know it's a shame. I'll try to convert it to ps1.3 or lower but who knows when that will be (i'm a shader n00b ) and most of this shader is done by trial and error and Steempipe's help