Scoop 2 cups of frosting into a separate bowl and use gel food coloring to color it light blue. Use this to add a second layer of frosting around the chilled cake to look like the ocean. I colored a tiny bit of additional frosting a darker blue with more blue gel food coloring and added it around the base of the cake to create a gradient, but this is optional.
Reserve about 2 cups of white frosting by scooping it into a small piping bag fitted with a coupler. If you don't have couplers, just cut a small (1/2 cm) hole at the base of each bag. Set aside.
Spread or pipe some white buttercream around the top edge of the cake to look like breaking waves. Smooth the side of the cake with a large offset spatula or bench scraper and leave the top textured, then pop it in the fridge while you color the buttercream.
This next part is kind of a choose-your-own-adventure based on the color scheme you want and the types of sea creatures you want to create. Use gel food coloring to make 5-10 more colors of frosting. I recommend using the same bowl to make all the colors to cut down on dishes. Start with the lightest color, then work your way to the darkest color. Place each color of frosting in a small piping bag fitted with a coupler. This will allow you to easily swap piping tips. If you don't have couplers, just cut a small (1/2 cm) hole at the base of each bag. The more colors you make, the more options you'll have when decorating, but it takes FOREVER, so just make as many as you feel comfortable doing. I made deep blue, purple, red, light brown, light green, dark green, bright orange, light pink, and black. Use the different colors of buttercream to pipe seaweed, coral, starfish, and shells around the base of the cake. I used a small petal tip (like a Wilton 103) to make the seaweed, and a small round tip (like a Wilton 5) to add the coral and other details.
Next, work on the sea animals. This part takes some time, so I recommend sitting down in a comfortable chair, anchoring your arm to the counter as you pipe for stability, and giving yourself lots of time! I like to use a toothpick or a small scribe to trace the outline of each sea animal, then pipe on the frosting with a small piping tip (like a Wilton 5). Smooth it using either a small offset spatula or palette knife (tapered ones work great), or a small square of acetate sheet. I added a whale, a few sea horses, a shark, a jellyfish, an octopus, a squid, a turtle, and some small fish, but you can add whatever sea animals you like best!
The last step is to add some bubbles to help fill in any blank spaces! You can do this by piping on little white dots of buttercream, or using small, round, white sprinkles if you have them.