The ocean you see really is just standard terrain with deforming vertices and a set of transparent layers for the various water visuals like wash and silt. It’s textured with non-solid shaders so you can’t walk on it.
The actual in game ‘ocean’ is the big water brush ydnar mentioned above, which happens to be invisible (otherwise you’d see two seas on top of each other… duh :))
If you removed the terrain, you’d have invisible water that still behaved like water, just you couldn’t see it. If you removed the water brush, you’d have non-solid terrain that looked like water but didn’t behave like it. Make sense?
The only caveat is that you can’t make the terrain deform too much (i.e. no really big waves) because the invisible water doesn’t deform, so it’s possible to drown while it appears you’re getting plenty of air because the non-solid terrain is dipping under the water brush when it deforms.