There is a
small effect in that direction - the earth's spin makes the sea level a few feet higher at the equator than it would be if the earth were not rotating.
But the bit you quoted implies something more of a runaway effect. I'm pretty sure that won't happen - there's not enough mass in water compared to the total mass of the earth. In fact, I'm pretty sure that adding more water to the oceans will raise sea levels even at the poles, despite the rotation of the earth.
It's pretty easy to calculate the acceleration due to rotation at the equator. It's a = omega^2 x R, where omega is (2 pi) / (24 * 60 * 60) seconds = 7.27e-5 / seconds, and R is the radius of the earth = 6.371e6 meters. The acceleration due to rotation is then a = 0.0337 m/s^2. Compare with 9.8 m/s^2 for gravity. That's 0.3% of gravitational acceleration. That's... not very much.