You can already "create water like you can create terrains" - water is essentially a shader or material that can be applied to any part of the terrain. With the future addition of transparency you might get close to such curling waves.
However I think you should take a look around at the state-of-the-art in wave modeling in this industry - *nobody* is doing highly realistic curling and crashing waves yet, and that includes the big effects studios like ILM, etc. They have put together some specific scenes with good-looking crashing waves and these required huge amounts of manual tweaking and a great deal of render time, but there is no existing semi-automated "system" for creating true breaking waves in this way.
There are ocean and other fluid simulations that do a good job with almost all other aspects of water, but true wave motion and curled wave breaks on a shore are still a largely manual and very difficult process. I would expect them to be very hard to do in TG2 as well, but they may be possible with enough work and patience.
- Oshyan