By the way, it's the first videotutorial on Blender 2.63. Yay! Visit blender.org to get it!
I got a result clip below. Note that this was supposed to be a quick/tip tutorial (with no results) but I've decided to move on as I was recording the videotut above. It's not my favourite result clip but you can clearly see that it all works nicely. Feel free to improve it by changing the camera position and angle, adding some compositing nodes and maybe slowing down the wave speed a bit. Note that you'll have to change the wave speed for every 'layer' or set of objects to sync the wave animation. Remember that all the waves use the empty for the waveform center position so feel free to animate it for some interesting results.
Get the final .blend file here.