Tilda is an After Effects script that can turn any shape path into animated waves.
More Info and Examples ->At its core, Tilda is just one (huge) expression and a controller effect. Just select a shape and press the «Waves» button. Your shape will be turned into waves and you'll be able to control lots of its different parameters, like width, height, speed, etc. Watch the video below for some basic examples.
For more info see the «How To Use» section of the Wiki