I think it's just a horizonal panner with a tiling wave texture on it layed over using another alpha plane. Vertical waves offset could be done with some kind of vert painting shader. Can't rememther the ins and outs of it, but it looks like this!: [ame="http://www.youtube.com/watch?v=tCbpX_lEQEU"]Beating Heart UDK -…
I believe this effect is done this way: 1) Heavily blurred "wave" alpha texture (not a pure sine wave or anything, just some random fluctuations) 2) Shader scrolls the alpha texture against itself in opposite directions and at 50% each to compose a new alpha texture 3) Result discards everything below a certain…