Water Shimmer

Click the image for a large version...	...and follow the text to make the effect.
	To start, create an image with a white background, and some black text. (Or some dark object.) Merge the text onto the white background, and make the whole image into a new layer/object.
	Now apply a ripple filter to the image. (Picture Publisher users - go to the Effects Browser, and choose the ripple filter.) Make sure the ripple is very low amplitude (5 or 6), but very high wavelength (100%). This stops the text distorting, but still gives it a wavy appearance. Use high-quality transform option too. You should have some text like this. If your text has become too thin, create another text object, without ripples, directly on top of it.
	Now let's make some water. Create a new layer or object (according to your program). Select as your colours White foreground and Blue background, and then apply the Clouds filter. Make sure smoothness settings are on maximum. If your cloud still seems a bit rough, apply a blur. Now apply a ripple to your clouds again, with the same settings as before. This gives us moving water. I also lightened the clouds a lot at this stage with the tone balance control, to make sure the text would stand out.
	Finally, let's put it all together. Position the clouds/water as the top layer, and make it about 50% transparent. Finally, it can (in Picture Publisher at least) improve the final image if the text layers are changed to the Subtractive merge mode. If the text is too pale, you can place the water on the lowest layer, and leave the text in Subtractive mode; you will then get dark text on a watery surface.
There are many subtle ways to vary this effect, changing layers, merge modes and transparency. The way to find the best looking combination is to just, uh, "dive in" and try it out. (Sorry, couldn't help myself with that joke.)