Never seen a water based offered commercially but that doesn't mean they don't exist.
Some great water effects can be achieved 2 different ways. I have seen plastic sheet that is used for showers put to good use by one of our club members. You can sometimes pick up scraps at Plastic companies so check the Yellow Pages.
Another is to paint a wooden base in sea colors and then cover it with Artists Gloss Medium. This is a thick gel substance that dries clear and glossy (hence the name). It can be picked up at craft stores like Micheals. You just paint in on and add the waves, a little white on the whitecaps and you're done.
For more good hints, try these ship building websites.
http://smmlonline.com/
http://www.modelwarships.com/index1.html