I saw the ocean simulation modifier tutorials. There people create quite nice waves controlled by a bunch of various settings - I definitely want to use this. But the result is not very realistic from other prospective: the generated mesh is not a full-fledged 3d object and if I want to place something in the water and show the refraction, I need the mesh volume. How to create it? Extruding the generated ocean surface? Shrinkwrapping another mesh? I haven't tried the first one, but the latter doesn't look good, since I actually have two different objects with different mesh cell density... I also need a realistic material after I deal with the first problem (probably there should be some tricks, since we have a huge water source, not just a large water-consisting object). I still think we eventually need to have a single object with different material applied to the different faces (at least we will have a water and foam)...
UPDATE: