@ Freddix
Yes you can use the PS1.4 shader in the Ultimate Shader Pack.
The PS 1.1 shader has a defect that I am trying to correct.
@ GG
Thanks, No I don't have a HLSL version of the 1.1 shader. I am trying to convert it now.
@ GatorHex
No Offense, but if you want it, BUILD IT. You are comparing apples with oranges. The shader was never intended to have real time reflections. Also adding transparency is not going to happen. There simply isn't enough resources left in a PS1.4 shader to do it. It already is at the limits of being able to compile in PS1.4
You are severely limited in 1.4 shaders. (number of textures, dependent reads,number and type of instructions etc.)
To everyone: I only made this shader to try to give a decent water shader to the users who don't have 2.0 capability. I don't even need it myself. I have 3.0 capability. So if you want to use it fine, if you don't, also fine. But stop comparing 1.4 with 2.0 shaders. It's like complaining that Vista operating system won't run on my old Windows 95 machine.
To anyone offended by this post, I am truly sorry.