perhaps:

timg = ImageEffect[img, {"TornFrame"}];

tr[t_] := # + {5 10^-3 Cos[20 #[[2]] + 5 t], 5 10^-3 Sin[20 #[[1]] + 5 t]} &

frames = Table[ImageTransformation[timg, tr[t]], {t, Subdivide[0, 2 Pi, 40]}];

perhaps:

timg = ImageEffect[img, {"TornFrame"}];

tr[t_] := # + {5 10^-3 Cos[20 #[[2]] + 5 t], 5 10^-3 Sin[20 #[[1]] + 5 t]} &

frames = Table[ImageTransformation[timg, tr[t]], {t, Subdivide[0, 2 Pi, 40]}]; 

ListAnimate @ frames