Dunno if this helps much, but maybe you can try it in code to see if that makes a difference (dont think it will though). Another thing you could try is too see if you can locate SC_MYREFRACT in e.g. the shader fx, perhaps it is commented out or you are missing some shader/shade-c script file in your includes.

-edit, check these threads out, Sivan uses and improved a water shader from shade-c succesfully: http://www.opserver.de/ubb7/ubbthreads.php?ubb=showflat&Number=420547&page=1
and http://www.opserver.de/ubb7/ubbthreads.php?ubb=showflat&Number=436662