Here's my understanding (primarily from ElitistJerks.com) of a nearly ideal rotation from Elemental Shaman...

The idea is essentially priority oriented:

1 - Put Flame Shock up of the debuff is not already ticking
2 - Lava Burst anytime it is not on cooldown (assumes Flame Shock is up)
3 - Chain Lightning when it is not on cooldown (some people don't like to do this as it costs a lot of mana)
4 - Lightning Bolt to fill in gaps

Some people go part way and only use Chain Lightning when they have Clearcasting up (which cuts the mana cost).

You end up with a rotation that is either complicated or not depending on the use of chain lightning.

I don't know for sure if Ripped can detect debuffs on targets (Flame Shock) or if it can detect buffs like Clearcasting on the player to modify the rotation on the fly.

Also, Shaman should probably have "watched buffs" for Elemental Shields as well (could let people pick which they wanted I suppose, although Elemental will use Water Shield).