I’ve programmed the water : animation, caustics, reflexions, and an optimized cube mapping, faked cubemapping options.  Also when you go undersea, and have a very realistic real time screen deformation and the reflections on the water swaps as well.  You can change the caustics contrast, color, blending. The 3 levels of textures (optional) and reflections can be blended together. An option can make the textures seamless automatically. bluring (soft and hard) can be applied automatically at the textures load time.    The 2 technics used for doing the cube mapping (and minimize the CPU use) are as follow :

1 – accurate : each side of the cube is  rendered in a different frame, and step every 2 frames (one frame calculate 1 face second frame do nothing).

2- faked : the cubemap is created at the program start and has only the skydome texture, no objects and terrain reflexions can be processed.