There looks like 2 main things going on there. And probably a few differnt ways to accomplish it, but here's how I would do it.
First the text is being distored by the water layer. Apply a 'Distort > Displacement Map to the text layer, and adjust the settings to taste.
One thing you can do is duplicate the video layer and precomp the video layer. Now you can add some blur and level effects to make the text distort a littler smoother.
For the color, that just looks like the video of the water was used below a text layer and the video's track matte was set to alpha matte. Perhaps the video scale, position and time was offset a bit to make it a little different than the waves
I made a quick project using that video(I don't have any good water footage at home) to show the techniques I would use to accomplish the project.
"I have not failed 700 times. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work."
---THOMAS EDISON on inventing the light bulb.