This uses blender internal and procedural textures (wood and cloud) for the displacement. Crests and foam are subsequently baked in dynamic paint (dissolve = 100 for foam; = 1 for crests). The baked sequences are then used as masks for textures for the foam. The ocean texture is the same as the sky, mapped to ‘Reflection’. A blend texture is used for the mist effect on the ocean - reversed for the sky dome. I used blender internal because I haven’t been able to find a way to map the textures correctly in Cycles. My intention is to eventually develop an infinite ocean setup that is very low on overhead. I’ll post the .blend if there is any interest.
regards, Ross