Waterset problem

Hi all,
For my shell I'm adding a waterset for a pool/basin like place. It's pretty much the last thing I have to do before I start adding details to the shell.
The basin has straight walls and a flat floor, so I first tried to use a duplicate of the flat basin floor to make my waveset. Although the centerpoint is set correctly and I´m using the basic settings from the wiki, nothing happens. The plane does get a reflective look, but there are no waves and transparancy. Also it stays flat at the bottom.
So... after reading a few threads I lined up the vertices on one side of the plane with the centerpoint, to solve the bounding box problem. Still no luck. No the plane stays white
I'm not sure what to do next. The water is a key element in my shell. I made wavesets before and never had problems
I'm using 1.4.0 btw.
Any suggestions?
For my shell I'm adding a waterset for a pool/basin like place. It's pretty much the last thing I have to do before I start adding details to the shell.
The basin has straight walls and a flat floor, so I first tried to use a duplicate of the flat basin floor to make my waveset. Although the centerpoint is set correctly and I´m using the basic settings from the wiki, nothing happens. The plane does get a reflective look, but there are no waves and transparancy. Also it stays flat at the bottom.
So... after reading a few threads I lined up the vertices on one side of the plane with the centerpoint, to solve the bounding box problem. Still no luck. No the plane stays white

I'm not sure what to do next. The water is a key element in my shell. I made wavesets before and never had problems

Any suggestions?