Hey this code is awesome...but unfortunately,its not working on my level
I've created a new map with just your floor_mdl and a terrain object.I've assigned the 'ater' action to the floor and 'terrainobject' action to the terrain and also uncommented the pro code...but I'm getting these Compilation errors :

<mirror.nocull=on>
Error(0): parameter unknown mirror parameter

<loadfx();>
Error(29): keyword unknown loadfx

<d3d_shaderversion<2020>
Error(63): parameter unknown d3d_shaderversion

<my.material=terrain_clipping;>
Error(29): keyword unknown my.material

My modified Code is :
Code:

---

 
 // shader_test.wdl

var video_mode = 7;
var video_depth = 32;
var d3d_mipmapping = 3;
var d3d_anisotropy = 16;
var clip_range = 200000;
var clip_factor = 1;
var clip_size = 0;
var clip_factor= 1; 
var fps_max = 70;
var fps_min = 35;
var max_entities = 1000; 
var d3d_transform = on;
var move_friction = 0;
var d3d_antialias = 6;
var logo = 0;
var video_screen = 1;

var bumpness = 100;
var speed = 1;

bmap slider_tga = "slider.tga";
bmap mauszeiger_bmp = "mauszeiger.bmp";
bmap slider_box_tga = "slider_box.tga";

PANEL pan_sliders
{
	bmap = slider_box_tga;
	hslider = 492, 4, 610, slider_tga, 0, 500, bumpness;
	hslider = 492, 30, 610, slider_tga, 0, 10, speed;
}

FUNCTION loadfx();

function main 
{   
	d3d_autotransparency = on;
	level_load("water_shader.wmb");
}

SKY himmel1
{
	type    = <himmel3+6.tga>;
	layer   = 3;
	flags   = cube,visible;
	z = 0;
}

VIEW mirror
{
	layer = 10;
}

entity* water_ent;

function render_event();

MATERIAL waterfx
{
}

var hoch;
var hoch1 = 3.2;

ACTION water
{
	var count;
	var count1;
	var a = 180;
	var b;
	water_ent = me;
	my.nofog = on;
	//	my.invisible = on;
	my.material = waterfx;
	my.scale_x = 40;
	my.scale_y = 40;
	my.z += 20;
	hoch = my.z;
	while(1)
	{
		my.z = hoch;
		my.skill41=float(count);
		my.skill42=float(count1);
		my.skill43=float(0);
		my.skill44=float(0);
		a += speed*time;
		a %= 360;
		b += speed*time;
		b %= 360;
		count = sin(a)+bumpness;
		count1 = cos(b)+bumpness;
		hoch1 = my.z*0.049;
		wait(1);
	}
}

STARTER init_water
{
	wait(2);
	
	camera.x = -1552;
	camera.y = -935;
	camera.z = 98;
	camera.pan = 43;
	camera.tilt = -4;
	
	mirror.size_x = camera.size_x;
	mirror.size_y = camera.size_y;
	
	d3d_fogcolor1.red = 128;
	d3d_fogcolor1.green = 128;
	d3d_fogcolor1.blue = 150;
	
	fog_color = 1;
	
	camera.fog_start = 20;
	camera.fog_end = 5000;
	mirror.fog_start = 20;
	mirror.fog_end = 5000;
	
	camera.clip_near = 0;
	mirror.clip_near = 0;	
	mirror.nocull = on;
	
	/*If you have A6 Pro Version*/
		mirror.bmap = bmap_for_entity(water_ent,1);
//	refrview.bmap = bmap_for_entity(water_ent,2);
	mirror.aspect = -1;
	mirror.visible = on;
//	refrview.visible = on;
	
	/*If you have A6 Com Version
	
	IF(d3d_shaderversion < 2020)
	{
		pan_sliders.visible = off;
		while(1)
		{
			draw_text("You need a video card with Pixelshader 2.0",screen_size.x-520,screen_size.y-280,vector(0,0,0));	
			wait(1);
		}
	}
	
	make_mirror();
	mirror.aspect = -1;*/
	
	mouse_map = mauszeiger_bmp;

	proc_late();
	while(1)
	{
		mirror.x = camera.x;
		mirror.y = camera.y;
		mirror.z = -camera.z+ (2*water_ent.z);
		mirror.pan = camera.pan;
		mirror.tilt = -camera.tilt;

		mouse_pos.x = pointer.x;
		mouse_pos.y = pointer.y;

		pan_sliders.pos_x = (screen_size.x/2)-800;
		pan_sliders.pos_y = screen_size.y-52;

		wait(1);
	}
}

/*FUNCTION make_mirror
{
	mirror.visible = on;
	pan_sliders.visible = off;
	mouse_mode = 0;
	mirror.size_x = camera.size_x;
	mirror.size_y = camera.size_y;
	water_ent.visible = off;
	wait(1);
	bmap_for_screen(bmap_for_entity(water_ent,1),1,0);
	mirror.visible = off;
	water_ent.visible = on;
	pan_sliders.visible = on;
	mouse_mode = 2;*/
	
	loadfx();
}

MATERIAL terrain_clipping //for clipping the terrain underwater in the mirror view
{
	event = render_event();
	
	flags = enable_view;
	
	effect=
	"
	
	float4x4 matWorldViewProj: register(c0);

	texture entSkin1;

	vector vecSkill41;

	float1 mtlSkill1;

	struct VS_OUTPUT 
	{
		float4 Pos: POSITION;
		float2 texCoord: TEXCOORD0;
		float3 eyeLinear: TEXCOORD1;
	};

	VS_OUTPUT VS_p0(float4 Pos1: POSITION, float2 basemap: TEXCOORD0)
	{
		VS_OUTPUT Out;

		Out.Pos = mul(Pos1, matWorldViewProj);
		
		Out.texCoord = basemap;

		Out.eyeLinear.x = Pos1.x;
		Out.eyeLinear.y = Pos1.y;
		Out.eyeLinear.z = Pos1.z;

		return Out;
	}

	sampler BaseMap = sampler_state 
	{
		texture=(entSkin1);
		MAGFILTER = LINEAR;
		MINFILTER = LINEAR;
		MIPFILTER = LINEAR;
	};

	float4 PS_p0( float2 texCoord: TEXCOORD0, 
	float3 eyeLinear: TEXCOORD1) : COLOR 
	{
		float4 base = tex2D(BaseMap, texCoord);

		clip((eyeLinear.y-vecSkill41)*mtlSkill1);

		// Output
		
		return base * 1.2;
	}
	technique water
	{
		pass p1
		{
			VertexShader = compile vs_1_1 VS_p0();
			PixelShader = compile ps_2_0 PS_p0();
		}
	}
	";
}

FUNCTION loadfx
{
	effect_load(terrain_clipping,"clip.fx");
	effect_load(waterfx,"water.fx");
}

ACTION terrainobject
{
	IF(d3d_shaderversion < 2020) { return; }
	my.material = terrain_clipping;
	my.nofog = on;
	while(1)
	{
		my.skill41 = float(hoch1);		
		wait(1);
	}

}

function render_event()
{
	if(render_view == camera)
	{
		mtl.skill1 = float(0);
	}
	if(render_view == mirror)
	{
		mtl.skill1 = float(1);
	}
}

---

Any help is appericiated..BTW,I have A6 Pro..and I have a GeForceFX 5200,so the problem is with the code