The water lens is a basically a glass bottomed cup filled with water sitting on top of a vibrating platform. Vibrations at different frequencies and amplitudes create different standing wave patterns. Light shining through the water is lensed out according to the shape of the "ripple" on the water surface.
Here's what it looks like:
Changing the frequency or amplitude of one of the speakers causes subtle changes in the radial symmetry of the patterns. I need to play around a bit more with pushing the speakers out of phase etc.
Here's a video of the basic effect: