Bumpwaves works on GF3/4. Running with X8R8G8B8 format and Vertex Shaders.
Here's the relevant code:
Code:

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Init:

    // Create the bumpmap.

    m_psBumpMap = CreateBumpMap( 256, 256, D3DFMT_V8U8 );

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Renderstates:

    m_pd3dDevice->SetTexture( 0, m_psBumpMap );

    m_pd3dDevice->SetSamplerState( 0, D3DSAMP_ADDRESSU,   D3DTADDRESS_CLAMP );

    m_pd3dDevice->SetSamplerState( 0, D3DSAMP_ADDRESSV,   D3DTADDRESS_CLAMP );

    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_BUMPENVMAT00,   F2DW( m_matBumpMat._11 ) );

    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_BUMPENVMAT01,   F2DW( m_matBumpMat._12 ) );

    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_BUMPENVMAT10,   F2DW( m_matBumpMat._21 ) );

    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_BUMPENVMAT11,   F2DW( m_matBumpMat._22 ) );

    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_BUMPENVLSCALE,  F2DW(0.8f) );

    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_BUMPENVLOFFSET, F2DW(0.0f) );

    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_COLOROP,   D3DTOP_BUMPENVMAPLUMINANCE );



    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_COLORARG1, D3DTA_TEXTURE );

    m_pd3dDevice->SetTextureStageState( 0, D3DTSS_COLORARG2, D3DTA_CURRENT );



    // Set up texture stage 1's states for the environment map

    m_pd3dDevice->SetTexture( 1, m_pBackgroundTexture );

    m_pd3dDevice->SetTextureStageState( 1, D3DTSS_COLORARG1, D3DTA_TEXTURE );

    m_pd3dDevice->SetTextureStageState( 1, D3DTSS_COLOROP,   D3DTOP_SELECTARG1 );

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Vertex shader:

vs.1.1



dcl_position v0

dcl_texcoord v1



m4x4 oPos, v0, c3 ; transform position to the projection space



; Compute vertex position in the camera space - this is our texture coordinates

dp4 r0.x, v0, c0 

dp4 r0.y, v0, c1 

dp4 r0.z, v0, c2 



; Do the rest of texture transform (first part was combined with the camera matrix) 

rcp r0.z, r0.z 

mad oT1.x, r0.x, r0.z, c8.x 

mad oT1.y, r0.y, r0.z, c8.y 



mov oT0.xy, v1     ; Copy input texture coordinates for the stage 0;

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@qwerty: make sure you have the paths set up correctly..