Evinrude,

For Terrain Tools, you can do this by building a VM object in the shape of your wake. Make it a child of the boat, and then make it invisible. Use the Terrain Tools Intersect shader to track the intersection betweent the water plane and your invisible VM object. It's not something I'd use for a close still, but doesn't look too bad for a distance shot.

Regards,

Eric Winemiller
Digital Carvers Guild
Carrara and LightWave plug-ins