http://bugs.winehq.org/show_bug.cgi?id=17913
--- Comment #10 from GyB gyebro69@gmail.com 2012-05-28 07:33:50 CDT --- Still present in Wine 1.5.5 and with the proprietary Nvidia driver (295.49).
Recompiling .../wined3d/directx.c without s3tc support makes the ocean appear correctly with the binary Nvidia driver. See also http://bugs.winehq.org/show_bug.cgi?id=24916#c9