Here I show you some more elaborate examples about water text.
First you see a more trivial example. I made the liquid color slightly blue and set the shadow to a very dark blue. I set a very simple neutral configuration, with a low level font distortion.
Here you see a water with more strength. I set the liquid to white (indeed more used for water) and I improved its 3D appearance increasing the shadow configuration.You can get your own water text or any other liquid text using Picture to People. It needs no design skills.