Water ripple effect?

Help needed! I’ve been trying to create a water effect on an ongoing flash project but no luck so far. :wasted:

The deal is that I want the contents of the site to look as they are submerged under water, and when you click a button a ripple effect is created, changing the content (a transition between pages, movieclips). I tried using a mask which looks OK over images but loses the effect when over text. Anybody?