WaveMyPic - Apply the lake effect to your pictures
Posted by ClifNotes, Mar 2008, permalink Image Effects and Filters
Here's a nice free service. The only drawback I see is that they add their logo at the bottom of images they create for you.
If you want more control, I believe there are still free versions of Reflet and GT Ripple available. These two programs allow you to create water reflection images on your PC.
Quote from the website
• Add wave effect reflection to your images.
• Save images to your hard drive. (Right click - > Save image as … )
• Embed ready images onto your blog or online profile page.
• No registration needed.