Can a layer apply distortion to layers below it?

Let's say I have a few layers containing various sea creatures.

I'm wondering if I can create a layer or and adjustment layer or something that represents the surface of the water, and which would apply a ripple or wave distortion/transformation to all layers below it, thus causing the other layers to have a wavy, undersea-look.

What are some possible approaches for achieving this?

Regards,
Allan

Create your wave distortion as a layer style on one layer, then apply that same layer style to all the other layers.

If you have AfterEffects, then this could be done very easily.

In photoshop, you would have to merge all of your layers, and either apply a displacement map (better/more complicated), or filter>distort>waves/ripple/ect (not as good/less complicated).