There is some water ripple code somewhere from Beaker which you might use but it could be too slow. Might not need the same 'quality' for a shockwave effect. There is some B3D code somewhere as well which be easy to convert. Search for Ripple.
<edit> There might be some source for the Bmax Geometry wars clone which might have a similar effect and you could also search for magnifying glass effects which would be a similar principle.
<edit2>
THIS might be it but none of the zips are still available.