jelly-like effect

[qsk0]

Hello! I'd like to make a jelly-like effect over a movieclip. It should look something like water surface seen from above and some reflections appearing and transforming over the movieclip and then disappearing. I was thinking of creating a circle with a radial gradient white to transparent, and then putting it on the stage randomly while transforming it's scale/rotation but I don't think that's gonna be very realistic. Any ideas?

P.S. I've heard of Pixel Bender filters but never used them...maybe it might work?