Both would be long to simulate, as well as time consuming.
The way I've done it in the past, is to deform an object by another object. There are a few ways to do this.
You can use sculpt deformers, or do this.
Create a joint at the center of your Earth. Select the Earth, and smooth bind it to the joint. (This technique only works with Smooth Binding) Now, select the Earth, and then the deforming object(s). (Might be the other way around) And Under edit smooth binding, choose add influence.
Grab the deforming object and move it around. There should now be a ripple.
If you have any problems, I'll take a further look into it for you.
Imagination is more important than knowledge.