Hi Brian,

That is quite a nice effect and the buoyancy physics look good. I've actually downloaded the Carrara trial but haven't had a chance to check it out yet. I could probably do something similar in trueSpace using a deformed mesh and have managed some OK results in the past using that method. What I really want though is something like the sort of output that can be had from free shaders for Max or XSI like these:

http://www.warpedspace.org/aa_ocean.html
http://charles.hollemeersch.net/oceanwaves