here's a little demolevel with the water shader.
The shader doesn't support skies, yet so the it renders incorrect if you look at the sky.
But at least the depth and refraction renders correctly even if you're underwater

In the demo you can move the camera with WASD, Space, Ctrl, Shift and change the waterheight with the mouse wheel.

@Ch40zzC0d3r
I'm sorry but I didn't finish it yet.
It's a bit harder than I thought and I've got some problems making it work properly.