OK, you have "Syncronized=yes" in the Main.cfg "Video" settings. Try that at "No" and turn the "VolumetricFog" to "0" or off in the GFXSettings. That should improve things immeasurably... if you go on the bridge right now, and encounter fog, your crew become "sea-through", since you'll see the sea and the conning tower walls through them... That is the fog setting. With the V-Sync on, it makes the graphics stream too rigid, and besides what you are seeing now, you can end up with the interminable "Jello Water" effect all too easily. Now, changing those in the files inside the game folder will do nothing. You'll have to either use the game's Graphic Settings interface, or edit the files in the Save folder...
Someone has an nVidia nip file somewhere around here for the profile inspector, but I can't find it just yet...
