This demo written in OpenGL uses NV_vertex_program3 option on NVIDIA newest cards to perturb a grid mesh and simulate a water effect.
For those who are not too familiar with the OpenGL nomenclature, NV_vertex_program3 is what the DX folks refer to as Vertex Shaders 3.0.
If this demo fails to detect VS3.0 hardware support, it will still run but will only give the illusion of displacement (a 2D water effect instead of a full 3D), so ATi users might still enjoy this one.
There is no support for the FX cards (and I don't think I'll be inclined to add few lines necessary to detect and support float Texture Rectangles
PS: Using the new FBO extension I can achieve about 3 folds the frame rate over the aging and slow pixel buffers.
PS2: The first one to mention Sobel filter will have a free a$$ beating