Paint the waves and water
I begin painting the water with big strokes. The way the water moves around the image keeps the viewer’s eye within the scene, so I take care not to disrupt this flow. I indicate foam and water droplets using textured brushes. Be careful with your values when doing this and reserve near-white or pure white for a few very bright spots only.
Give the water some texture
Using a textured bush, I lay down a few strokes and transform them to follow the waves using Free Transform>Warp. I also make sure that the shapes become larger the closer they are to the viewer, to indicate perspective. I lock the transparency of that layer and paint over the shapes to add a slight gradient. Then I reduce the Opacity of the layer.