Would skip the
GS. It isn't cost effective for stuff like terrain, and the benefits it does have, normally are not needed at larger scales.
Apoxie Sculpt is a good putty - though to be honest, a lot of air dry compounds will work just as well (Vinyl Spackle for example).
In any case, since you are talking about a big wave/tidal wave - I would guess you are talking about the stereotypical "surfing" wave as opposed to regular waves?
For regular waves:
http://www.ipmsstockholm.org/magazine/2002/11/stuff_eng_tech_sea_water.htm
For the bigger stuff though - you will need to build it up. Depending on the look you want, carving out of several layers of extruded foam may be needed in order to maintain the scale in relation to the rest of the scene. Consider if you want the wave to be breaking or still be a well formed swell. If you want a "tube" as part of it - then that further complicates things.
Normally I will use HPL (plastic laminate) to create templates to guide my hot wire cutter on for work like this. It resists heat well enough, and is easy to shape. I can cut a wave into several slices and than stack them back up on their side to form the complex curve.
Once your underlying structure is in place, you will want to add a bit of surface texture. This isn't the rough white caps or breakers - just some rivulets and surface movement in order to make it look less rigid. I usually will use an acrylic gel for this. It tends to slump enough to look right.
For doing the actual breaking wave - the white frothy part - silicone caulk. Generally I will paint before I do this step. Use a clear caulk, or a translucent white caulk. Use a stiff bristle brush - stab and pull. It will hold to the bristles enough to create a rough texture like foam. Give it a once over with white paint and call it a day.
Source images are important to understand how it all works together. Even if it is something fantastical - like a tidal wave of toxic sludge or blood...the minds eye will find it more believable if it looks like we have seen in movies and pictures (with the exception of being toxic sludge or blood of course).