As you see when we open the func_door_rotating, which will also turn the wheel, our func_water_analog will Open, or rise in this case. And when we close the func_door_rotating our water will lower.


You can experiment with the settings for each of these functions, some of which are speed and sounds.

Update: There are two materials in the Source SDK that can be used with func_water_analog, nature/water_movingplane and nature/water_dx70.
These must be used for the water to function properly.
I've created a sample project with 17 func_water_analog bodies of water, each with its own material.
The bodies of water in the sample, (vmf and bps are included), raise and lower.
Some other materials will look fine of the surface but if you get in the water, crouch down and try to look out you won't be able to with the others, only the two listed here appear to function properly.

This is the project with 17 moving waters. (245 KB)

Remember, all faces of the water brush are textured witih nodraw except the top face.

There’s a lot more you can do, I hope I’ve stimulated your imagination.
  The example used in this tutorial.