I think this is the bit...
http://www.youtube.com/watch?v=5cAUpc0Z4-M
Strangely, I just made a 2D wave effect a little like that, except its animated so the waves go up and down, and something that's going in a commercial project so can't share it exactly.
I just used an image, make your waves in an art package, maybe extra wide, so you can offset the same image several times at different X locations. Then move them up and down in a sine wave, maybe 5 or 6 layers at different heights.
Your image could be applied to a plain, or a sprite or just pasted to the screen - but the main thing is that if you stick to 2D, you have full control over how it looks, and it will be nice and fast. I would use the same angle offset, maybe something like this, then use that for all the waves so they move in unison...
Ang#=wrapvalue(timer()/20.0)
y=500
x=1
for l=0 to 5
inc x,40
if x>0 then dec x,128.0
paste image 1,x+sin(ang#)*16.0,y+cos(ang#)*64.0,1
inc y,48
next l
That's the sort of thing I did, works pretty nicely.