The intersection of two circles, generates a straight line, but if we change the relative position of the circles, the intersections can be used to create this:
Till now, all methods for simulate 2D water ripples that I found in actionscript, are based on the same principle.
A simple and relatively fast algorithm, that I found here.
The base of this algorithm, is the relation between the speed of the wave and their previous values of position. For that, we need to store the last two states of the water in two arrays.