How to apply the ocean modifier to get an animated object, (not a static which have froze in a single phase)?
Export the mesh as an .mdd file format.
Remove any deformation modifiers on the object. Apply the Ocean modifier. The object needs to have same amount of vertices as while exported but strip down any animation on it.
Add Mesh Cache modifier and import the file into it:
Now you baked the object's animation. Tadaa!
You can also apply your modifiers as a shape key. To do this for every frame you need to do some scripting though.