Well, if I were doing it in max I would do this:
-Create my ground
-Add a bend modifier to it with a limited bend range
-Animate the gizmo position of the bend modifier, to give the "curl" effect
-Create spawning particles on the other side of the ground, for the dirt effect
Here's a simple test I did to show you what I mean:
http://tysonibele.com/groundwaveLg_Prog.mov