NVidia has released a set of drivers that fixes the ocean's flickeryness. These drivers aren't on NVidia's site yet, since they are too new, but they can be found here.
http://www.burningsea.com/page/downloads/nvidia
Future releases of NVidia's drivers will fix these bugs, but we don't know when they are coming out.
To determine the proper version, right click on 'My Computer' and select 'Properties' in the menu. On the 'General' page, there'll be a System: section that will tell you whether you have XP or Vista, and if you don't see 64 anywhere, then you need a 32 bit version.
Download the file, and double click on it to run it. Your system will need to reboot for the new driver to take affect. Double check your driver version when you're all finished to make sure it worked.
To determine your driver version on XP:
Right click on your desktop, select 'Properties'->'Settings', and then the 'Advanced' button. Go to the 'Adapter' tab, and you'll see a 'Properties' button which will pop yet another dialog that has a 'Driver' tab. The Version is there, if you don't see 6.14.11.6938 expect your ocean to flicker.
To determine your driver version on Vista:
Right click on your desktop, select 'Personalize'. This will pop up a window, then click 'Display Settings'. Click the 'Advanced Settings' button. You'll see an 'Adaptar' tab. Click the 'Properties' button. which will pop yet another dialog that has a 'Driver' tab. The version is printed there - it should be "7.15.11.69.38"