A looonnnng time ago, I shelved my attempts to make ocean waves. All I could make was stuff that looked like plastic or glass. But then, a little while ago, I came across an ocean water material at
http://matrep.parastudios.de/index.php . This material was uploaded by ‘Paratron’ way back in 2007 and derived from a tutorial then available at http://www.computerarts.co.uk/.
So I found my old sea .blends and tried them with it.
‘Ocean Water’ is a procedural material that makes use of Material Nodes; Map Input to Stress ; Map Input to Object and Map To Stencil. You can get it here.
Because of my changes to this material (and because my ocean is fairly large -making 6MB blend files-) test render times were a bit long - around 15 to 20 minutes.
Ocean Waves (Suzanne 's a Buoy) has Ray Mirror and Ray Transp on.
Subsurface Scattering and Ambient Occlusion were tried (much longer render times) but I got better results, it seems to me, without them.