Ah the jello effect is from the ROW mods:
ROW Textures without Sun Halo camera flair vs_4
ROW Textures with Sun Halo camera flair vs_4
Just disable the mod (asume you use JSGME) then go to the mods
data\misc folder and delete/remove the 2 files:
impurity.dds
underwater_disp_map.dds
then enable the mod, I would suggest renaming the mod to exclude "camera flair".
Hope that helps & hope
LepVampire &
others don't mind me posting this.

Cheers.