I posted an idea for skilled modders to make the water surface for MMX-bugged players not transparent. You'll find it here:
http://www.subsim.com/radioroom/show...525#post397525
Please post there if you feel it's a good idea or if you suffer from the same bug.
PS And for all who wish to suggest I'd rather buy a new graphics card and a new machine - I absolutely can't afford it, so it's not a solution for me.