Already did this for Classic it works real well too if done correctly but not something you want to do with vertex animation. You create a wave model and scroll the texture over the surface, something I have had real difficulty implementing into Reloaded shaders and appears none of the shader guru's around here wants to get into helping me with.
Wave in
Wave out
These waves have been twisted 180 degrees and folded back on themselves so they flow in and out using a single texture, you might be able to fix the shader but at the moment doing it yourself is the only option available to you
Once I have more time I may get into looking at the Reloaded shaders again and see if I can't get this going, there are many things that need it, but for now you have to wait.
This is the most efficient way to create these effects. Morph animation would be an easy thing to bring in if you created a key per frame for each morph target as .x does store vertex info per frame, but it has timing issues in game engines and not very efficient on cpu.
