See Jeff Herne's article on making water at SteelNavy
http://www.steelnavy.com/water.htm
See Rusty White's article on the same subject, also on SteelNavy
http://www.steelnavy.com/Whitewater.htm
Don't stand still, Rusty will try to sell you a CD withn his methodology outlined in th article
Finally, see Don Simon's article on Wake Pattrerns on, you guessed it, SteelNavy
http://www.steelnavy.com/WavePatterns.htm
Using the Rusty method, build big waves & swells using Skulpey. Bake, attach the ship. Add spray & translucent splashing water by letting some clear acrylic artists medium dry on some plastic bag/Saran. Cut to shape and apply. Glue it in place with more clear gloss medium and acrylic paints.