One day I have to study a bit how the math for the classic 2d water effect were derived so that I try to do the same for 3d. Well I did, but almost. It's just taking more neighbors in 3D space and changing some shifting values so that it doesn't flood as it usually happens with this effect. I found something. But it didn't worked perfectly I think. I just slow it down to 25 frames per second so that the dropping ripples can be seen. The moving ripples are much better.
There is actually a running executable if you happen to be a member in DBF forum. Here.