See my answer here regarding the problems with dipping more than once. But to address your question:
The Gemara in Chagiga 19a discusses what would happen if you had a Mikveh with precisely the minimum 40 Se'ah. Once one person dips, then next person is left with a non-Kosher Mikveh, as the water that is on the first person is now missing. There's an argument as to what happens if the first person still has his feet in the Mikveh.
Rabbi Yehuda is of the opinion that as long as all the water is still connected to the Mikveh - for example, the first person's feet are still in the water - then the second person can dip and it's a Kosher Mikveh.
The Gemarah goes so far as to ask that according to Rabbi Yehuda can one toivel needles in the first person's wet hair, if he's still standing in the water.
The Shulchan Aruch paskens in סימן רא - דיני המקוה ומימיו that once the first person emerges from the water, the Mikveh is already missing some water.
סב: מִקְוֶה שֶׁיֵּשׁ בּוֹ מ' סְאָה מְצֻמְצָמוֹת, הָאָדָם הַטּוֹבֵל בְּתוֹכוֹ לֹא יִקְפֹּץ לְתוֹכוֹ, שֶׁלֹּא יַחְסְרוּ הַמַּיִם בִּקְפִיצָתוֹ בְּתוֹכוֹ; וְלֹא יִטְבֹּל בּוֹ פַּעֲמַיִם זֶה אַחַר זֶה; טָבְלוּ בּוֹ שְׁנַיִם זֶה אַחַר זֶה, אַף עַל פִּי שֶׁרַגְלָיו שֶׁל רִאשׁוֹן נוֹגְעוֹת בַּמַּיִם, הַשֵּׁנִי בְּטֻמְאָתוֹ, שֶׁהֲרֵי חָסְרוּ הַמַּיִם מֵאַרְבָּעִים סְאָה.
Point being, that whichever limbs are no longer submerged are considered to be disconnected from the Mikveh - and immersing them would once again be a Tevila.
So every time you splash your hand out of the water, even if it's still wet, it would be as if you exited and reentered the Mikveh.
However, if all you're doing is creating a wave, so that your hand didn't emerge from the water even though it's above the water line, then you are still immersed.
So once you start splashing really fast you are probably not Toiveling multiple times anymore.