Take a look to this effect in DemoReel2005. Its the same scene you can see at wondertouchs home-site (matrix-like scene).
There is somebody doing things with his hand- in the background the matrix code is running.
How can i make this effect? (Mean the wave-like effect, not the matrix code).
That was done by using particles as a displacement map in After Effects. I think Aharon used one of the Ripple-type emitters from the January 2004 library, turned off Get Color from Layer in the emitter's Properties so that the particles were just white, and then brought that rendered output into After Effects. Then he displaced the video clip with the weirdo in the leather coat with the particle layer.
I did use a mix of pIllusion and AE - but in this case it wasn't displacement maps (or not exactly) - it was the effect in AE called Caustics (Effect > Simulation > Caustics) which is a more complex effect that uses the same priciples of displacement mapping.
You can see an in-depth, 3-part tutorial explaining displacment mapping by clicking on my head, which brings you to a page with a bunch of my tutorials.