Try to find nvidia card for just testing

_________________
i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

I'll see if a tech-store near me would be willing to let me bring my rig in and maybe test a card they have lying around, otherwise that last bit will be rather difficult or expensive to do.
More pictures trying to show the odd reflections that happen in still water, apparently in still water I can drag the area of displacement away from my character and move it through quick inputs. Seems to usually be in front of me in still water, where the meshes are the most noticeable.
http://imgur.com/a/Ptriw

If you mean waves generated by character movement - they don't have parallax/displacement, because generated by the game as direction only. May be you just don't understand how water should looks like and it works properly, except wireframe bug? Displacement is not tesselation based displacement which looks like rocks on terrain, water have the same geometry and positions of every vertex, this have the reason to avoid lot of bugs.

_________________
i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

I meant the emulated water-displacement around the character when they move yes, sorry I wasn't very clear. Could be that the wireframe bug is just causing me to think the water looks different in other places, it looks very different in motion, causes the reflections to stretch and blink/shutter especially where the fake shader for ripples around the character is. What I was saying was that the fake ripples are a few inches to a foot in front of my character instead of behind or right on top of my character in first person. What happens to the reflections almost reminds me of z-fighting on the mountains.
Update Tried it on a different AMD card, problem persisted, not sure how soon I'll be able to work out an intel test.

May you have invalid water mod or/and alpha channel in water textures. Dynamic waves from character are distorted by underlying waves properly for me.

_________________
i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

With all the talk about displacement I decided to try just toggling it off in the ENBseries ini, seems it was the source of the issue, though I have no idea why that would be the case. The only water mod I have installed is Realistic Water Two w/ ENB parallax textures. Still have the issue with War thunder as well, I wonder what the transparency on the bomb craters and your water displacement have in common? Tempted to try a different psu or even motherboard just because they are the only pieces I haven't switched out despite how ludicrous a hardware issue seems at this point.

Psu and motherboard can't do this.

_________________
i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

Like I said, it's a Ludicrous thought lol. Any ideas as to what might actually be the culprit? And thanks again for the help and suggestions.

If you have tried several amd cards only, then it probably driver or it's setting. If nvidia card fails too, it's other software or water mods or game setting (never seen that and don't believe it's game).

_________________
i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

Yeah I'm not sure what game setting it could be even if it were, I've tried every setting under water or that seemed like it would have any impact whatsoever upon water. Not to mention the clean skyrim installs with fresh ini's, zero mods, and fresh rendererinfo's across three different drives. I'll see what I can do about drivers, I can only roll back so far due to Win10, however I've tried a couple of them already; clean installed after DDU sweeps of the registry without any luck. Maybe there's a strange setting in the skyrim profile of the driver, though I can't think of anything that's specifically different which I could change concerning individual game profiles.