It is possible to generate that kind of a look. You won't get 3D text floating. I'd suggest a Google search for Psunami tutorials. There are a few fairly good ones out there.
I'm searching google at the moment but haven't found anything as yet.
There's a bunch of general Psunami tutorials out there. I'd suggest that you take a look at the ones from RedGiantSoftware.com
Laying a text layer or logo on the water is as simple as selecting the layer as the first image map and making a choice. Psunami is a very easy plug-in to use, but it takes a while to render.