I am surprised that nobody else has tried this yet, no real attempts either here or on Ashundar. Yes you CAN apply the transparent water shader to objects. Something strange is going on with the object normals, needs further investigation.
14h: 13m,: 59s
@ detail 0.6, AA6, GI 2,2
Pentium D, 2.8 Ghz
Object credits:
Trees - ;Lightning
Grass - Lightning and klas
The sculpture object was created using Wings 3D and is based on a truncated octahedron. The second image shows the object rendered with my procedural granite material.