Wanted to make underwater caustics effects with projector, but it failed / doesnt work yet..
Its still missing the animated caustics, water surface is not animated, small bokeh planktons and all that.. no time to finish it now, just got a new idea for 3D cloud system with self-casting shadows all-in-one (maybe?) and for unity indie of course..
Webplayer:
http://unitycoder.com/upload/demos/UnderwaterCaustics1/
Download source: (its really no use, just 2 projectors there..)
http://www.mediafire.com/download/8d543nl44fmvyca/underwatertest1.unitypackage