Refaction/Defraction effects in AS

It might be an advanced script, but is there an AS for water refractions. You know, like, whatever’s seen beneath the object defracting this starts skewing and distorting…
Anyway, I would like the code to just be like:

There’s an object (an movie_clip, obviously). I set an action on it (the defraction/refraction one), and then, everything behind it gets distorted without using masking, then, when the defracting object leaves, it goes back to normal.

Any help? Is this even possible in Flash?