Links:

Martian Labs produces an excellent package for Houdini called Hydrous Tools, using Wave Tools V1. The package includes both geometric deformations, and integrated shader calls. There are a bevy of extras to help with difficult tasks, such as locating wakes and foam.

Highlights include:

"Full 3d solver with automatic whitcaps, Fully editable VEX source code,Arbitrary interpenetrating polygonal waterline extraction, Whitecap particle birthing point generator."

Furthermore, Hydrous Tools has been proven in production, both in feature film and commercials. They can be found here:

martian-labs