ok as i did fire so thought i would also do a quick water tut.
water is a hard element to create using photoshop due to its organic nature, but this one of the best ways i have come across.
1)start a new sheet, add a new layer and press "d" on your keyboard to reset the colors to default. then go to filter-->render-->clouds

2)go to filters-->blur-->radial blur and set 40-50,spin,best.
once done go to filters-->blur-->gaussian blur and set radius=2
Tip - if you use a motion blur of between 60-70 instead of the radial blur you get a running water effect like in a river.
3)ok, now go to filters-->sketch-->bas relief and set detail=14, smoothness=2, light=bottom

4)now go to filter-->sketch-->chrome and set detail=3, smoothness=2

5) go to image-->adjustments-->hue/saturation click on colorize and adjust hue & sat to your desired water color.

6) this is optional but i think it gives it a more realistic look. go to edit-->transform-->perspective click on one of the bottom corners and drag outwards (see pic below)

and now your done realistic water here is mine finished

and here is the same water effect but i used the motion blur instead of radial blur in step 2.