Ralph Hauwert, of course one of the original pv3d team members, posted some great samples on water effects on 3d objects in Papervision 3D. Of course the papervision list spawned this discussion from another great post on water simulation in papervision and away3d by Exey Panteleev .

Also, some other water like effects from Fabrice Closier and the notorious mrdoob.

Ralph’s Water Effect Demos:

• Water Ball Experiment 1

• Water Ball 2(cpu burner alert!)

Hey look, the water ball is smiling at you.

Exey Panteleev’s Water Simulation:

• PV3D Simulation [source]
• Away3D Simulation [source]

Some other Water Like Fluid Effects:

• mrdoob fluid visualisation effect (like wata)

• away3d temple fabrice

Water is hard in flash. Fluid dynamics will probably have to be cheated but it is still looking pretty good. The amount of processor usage depends on how real you want it to look.

If you are looking to make some agua, with x, the y AND the z in Flash or Flex, these are a good place to start.