A tornado over Lake Michigan near Milwaukee yesterday as reported by the U.K. Telegraph along with complete video of the occurrence:
1:43AM BST 25 Sep 2011
A waterspout formed over lake Michigan Saturday near Milwaukee, Wisconsin. The weather phenomenon is unusual, particularly in that region.
Waterspouts are essentially tornadoes that develop at sea, in which a continuous vortex extends from a cloud to the water surface.
Inside the spout, winds can reach speeds of up to 62.1 miles an hour. They have also been known to pick up various sea-life and dump it on land.
Several waterspouts were reported in that area Saturday.
Tornado over water is a waterspout. As Wikipedia explains: "A waterspout is an intense columnar vortex (usually appearing as a funnel-shaped cloud) that occurs over a body of water and is connected to a cumuliform cloud. In the common form, it is a non-supercell tornado over water."
Clearly the science world knows much more about tornado/waterspout than freaque waves. But they can't predict where or when it is going to happen either -- only occasions that might conducive for them to happen.