What part, the wave or the bubbles? For the wave I'd suggest one sprite with 2 or 3 frames. For the bubbles just use the particles object with gravity set to up, and x randomization to the width of the water. Here's an image you can use.
[quote="Mipey":2zrz00ab]I think there is a need for ripple effect, too.[/quote:2zrz00ab] I tried to, but the result was far from good. If anyone knows a better algorithm, please post. I'd love to do a ripple effect.