@AceX: If I look at what can be done with today's hardware/tools/whatever I honestly have to say that this water doesn't look good or realistic at all, which makes it really not worth the effort.

Besides the post being at least 6 years old, I just can't recommend trying to port or implement random things you find on the internet, especially without understanding them.
It's most likely to fail and even if you succeed these things are often poorly coded and/or slow as hell.