Timecop came out in 1994. I have never seen it, but I'm guessing the technology to create this special effect wasn't terribly advanced compared to the applications we have today. Just knowing Jean-Claude Van Damme and most action movies of the 90's I'm guessing with the right combination of effects you could make a much better looking shot.
Just out of curiousity, I took the liberty of whipping out my iPhone and heading to YouTube to view the trailer. (YouTube is blocked at work, a hazard of working behind a Department of Defense firewall.)
If the effect to which you refer is the one seen in the trailer, then you can do this pretty well in AE. Just try out combinations of different distort effects and add a bit of fractal noise in there too.
- The Great Szalam
(The 'Great' stands for 'Not So Great, in fact, Extremely Humble')
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