Sometimes it can be nice using a water text, and sometimes a non-realistic one can fit better what is around.
One important thing here is to use a very irregular font face to get a "liquid looking".
To get it, go to this free text effect and configure it like this:
- Text: water (I used this text as example, you choose yours);
- Font size: Normal;
- Margin: 3;
- Background color: 209FFF;
- Font name: Blobs.
So you get this (click to enlarge):
- I think a blue background helps to get some water appearance;
- if you prefer a realistic water text, probably you should use this liquid text generator.