If you want free, but more work (and potentially lower quality) here's a couple old methods http://ericchadwick.com/examples/tutorials/looping_a_procedural_texture.html http://ericchadwick.com/examples/tutorials/tiling_an_animated_texture.html
Game shaders are usually much better than animated textures. But if you can't use custom shaders, it is easy to animate water fx directly in 3ds Max, and render a sequence of bitmaps. See the tutorials I posted.