ist there any chance to build a water effect with Quartz on the iPhone?
Something similar to this one:
alt text http://img37.imageshack.us/img37/6358/bild1wb
For that, I highly recommend using OpenGL ES.
Despite the "simplicity" of the problem you addressed in this SO question, I recommended OpenGL ES then as well. So, you can imagine why I'm advising it again.
Check this SO question for the water effect with OpenGL.