Creating an ocean wave effect in 3D is not very simple if you want to let it look realistic.
I created a lot of realtime special fx already but I think you should not use particles for this one, because it just will be too slow to do realtime, because you probably require a lot of particles. You can better try to deform a tesselated grid. But then still it is pretty hard I think.
Anyway, good luck
John vd Burg
Programmer of Oxygen3D (http://www.mysticgd.com)