Just tried DP's pretty water...not bad. Thing is, R_water is only 1 or 0, there is no inbetween values that would give semi-transparency, unless you turn it off and do the r_wateralpha thing. Also, there is no one else except one person who tried real underwaterfog, at least on this site via a search for "waterfog" in another engine, but it seems to be in an old thread years ago.
Would real waterfog be hard to do? Also, and perhaps I ask for a lot, but fog that goes by the actual color of the texture, not just the default texture inside the map for the given liquid body, but in the event you use external textures, such as tga etc...?