This WormKit module removes the wave animation in-game when using the lowest graphics setting. It should work with all versions of Worms Armageddon.
I encourage you to compile the code yourself because you never know if a DLL contains malware. This module was written in C by me. I don't accept any responsibility for the use of this software.
NOTICE
wkWater in its current form is most definitely a cheat; having it enabled while other players do not offers a distinct advantage. As such, I have removed the attachment. Please do not distribute cheat modules. If you have already downloaded wkWater, please make sure only to use it if all players are using it, and if sharing the replay, please make it clear in the game's chat that wkWater is being used.
The module could be fixed by making it automatically send a public chat message communicating its presence at the beginning of every round, similarly to RubberWorm's crate-finder feature. However, distributing it as open source would undermine this, and is a bad idea.
Concerning toggling the visibility of wave animation:
Some players, myself included, consider the mystery of what is hidden by the water waves to be a fun element of challenge to the game. As such it would be a shame for everyone to be forced to hide the waves in order to be able to fairly compete with other players who have the waves hidden. However, seeing the interest in wkWater expressed on this thread, I will consider adding it as a future scheme option.
—Deadcode