Hi Ranjish,
Vizard doesn't currently have a built in way to simulate water. While a shader could be written, I'd imagine it would need to be done from scratch. Jeff should be able to fill you in better on that.
The way we'd typically handle this from the art side is to use UV animation. Here's a recent example saved out in Max 2015 format. Let me know if you can't read it and need a different version:
http://forum.worldviz.com/showpost.p...58&postcount=6