What are some of the different ways that you can adjust your shutter speed for pictures with waves? what effects will the different settings have?

You are going to need a lit subject a shutter speeds this high don't allow your camera much time to gather light for exposure. You can get this to a degree by using a higher ISO setting , but don't get to high, or the noise will creep into your shot. 

One of the effects moving water will look smooth and silky when shot at shutter speeds of 1/8 of a second or more - the longer the exposure the pronounced the effect .