I think it could be possible, but it’s difficult for me to say how good the performance is because my graphics card is quite old. I have a XFX RADEON HD6870 Black Edition. Using a water plane with 32000 triangles and 16000 vertices, I get 25 fps in worst case at 1920x1080 resulution and epic quality settings when I launch the level in full screen. Please keep in mind that I have done barely any performance optimizations.
Yes, I will make the water look good from large view distances.