Yeah I know the one your on about, could sort that one out. I mean the easiest way is through Action-Controlled FFT. Basically just creates a dynamic normalmap the simulates fluid movement.

Although I've never been sure if Dark Alliance does it per-vertex or per-pixel; simply because of how high up the camera is. I have the game for the Gamecube and was trying to figure it out last night. Because of how 'tearing' it looks, I'd say it's more likely to do it per-vertex; with a per-pixel Caustic (distorts the texture giving the impression of reflective water).
Sephiroth, yeah I got your e-mail. Was long, and after checking out Dark Chronicle I couldn't actually find screenshots on thier site only teeny tiney movies. Lots of Concept Artwork though heh
I'd say a Depth Pass Edge Finder with AntiAliasing would do the trick. Reasonably quick and blended to the background. You can change it to work in Model rather than Screen space. There's an example in the NVSDK.
Prince of Persia - Gameplay Video
This is more because I can (i'm still enjoying using Register Fraps heh) 48MB 11minute gameplay video. In that time it shows off a huge number of Shaders though.
I was thinking perhaps work on a "Sand of Time" Shader Pack, with working/playable Dark Basic Professional Examples. It would take quite a bit of work to do, so was thinking of selling it for a bit.
Somewhere between £10-£20 ($20-40), which seems fair given there's over 25 Shader Effects in all. Lot's of common effects people are after right now.
Normal Mapping, Bloom, Interactive Water, Fog, Shadows, etc.
Well I'm working on it right now, so something to think about.