Thanks Alex! Yes, well roughly process for modeling was to make the straight vertical pieces (planar). Than cut them so there is enough segments in height to perform this waves afterwards. Than I apply shell modifier with option to select outter faces. With edit poly I than go on working only on those outter faces (youc an even hide the rest of the polygons). Now, to those I apply wave modifier and play with it a bit. Than, the ripple modifier and also play with it (values, parameters, but also the position of the center of modifier, size of the modifier, etc).
Now, important thing is to make enough segments to make smooth look. Since I did not made it on time, I had to add some loop slices and to cut everything afterwards and to apply turbosmooth modifier... So, maybe would be smart to think in advance about this, make enough segments or make loops of edges that will trighten up mesh where needed for turbosmooth...
I hope this helps... If you want I can send uncolapsed mesh...