I thought this would make a cool tutorial.
I've included the tubes needed to make this frame, below.
You can use any that you like, not just these.
Depending on what theme you want.

Start with a new graphic 500 x 500 , you can resize later to make smaller.
Begin by opening the tubes that your going to use.
Copy and paste them into your new image. If you use the mermaid I supplied,
put her in one of the bottom corners.
Begin adding all of the other tubes, positioning them to look like a frame with a space in the center.

You can use your deformation tool to rotate the tube how you need it.
Hey make sure all the tubes are touching in some way.

This is a sample on what your 'frame' might look like.

When you get your frame looking like you like it.. on your layers palette MERGE/Merge visible.
Now all the tubes are merged into one layer.
Next ADD a new layer BELOW the merged 'frame' layer. Fill it with what ever color you want.. I did mine in black.

Now MERGE/MERGE visible. You now have ONE layer

Select your MAGIC WAND tool and select the black INSIDE the frame... if you didn't put the tubes where
they touched then this will NOT work. Would have to start over and UNDO :)

Click on the SCISSORS up on the tool bar and CUT out the Black.
Create a NEW image EXACTLY same size as your Frame. Fill with Black.

This is where it gets tricky.. so bare with me.... and we will get through it :)
Select the new image filled with black and do EDIT/copy. Open your animation shop. Go to EDIT/PASTE as new animation. Do the same with the FRAME, EDIT/copy and in Animation shop , EDIT/Paste as new animation.
Now in Animation shop you have TWO images open.
While in animation shop click on the image that's the one filled with black. Go to EFFECTS/Insert image effect. The Insert image effects box pops up.
On the left *Start with* select the color you want your water. Check CUSTOM COLOR. I used #373BEF. Effect Length 0.9 sec. 10 fps.
Choose the UNDERWATER effect. Have the 'show preview' box checked.
Click the CUSTOMIZE button. Below is sample of the settings. Cant be exactly as mine but get as close as you can.
On the right when customize box pops up, it will have ONE dot in center. Touch it with your mouse, click and drag a line out. Do that over and over till you have pulled out 16 lines, *these are the waves if you noticed* you can look at the sample of the water and see how the position of the lines effect how the water looks.
Set the water depth to 10. Adjust the light intensity to around 30 *might have to adjust it to your likes*
When your done click OK.

If you'll notice you now have 10 frames and the last one is BLACK. Select it, right click and DELETE. You should have 9 frames on your water animation.
Move up to select the FRAME image now. You need to duplicate that one frame so that you have 9 frames to match the water animation. So click the duplicate frame tool Clicking it four times SHOULD make you have a total of 9 frames, but make SURE!!!
Each of these animations need to have the SAME number of frames.

They should look like this.

On your FRAME animation go to EDIT/SELECT ALL. What you do now is drag FRAME ONE of the FRAME animation down to FRAME ONE of the WATER animation. Making sure you position it correctly over the water. Don't leave any water showing on sides or bottom. If you let go of the mouse and its NOT in right place
then click EDIT/UNDO and start the 'click and DRAG' over!!

Time to save and name your new animation.

Tutorial Home