There are a couple threads over at RDNA on water material.

http://www.runtimedna.com/mod/forum/messages.php?ShowMessage=226110

http://www.runtimedna.com/mod/forum/messages.php?ShowMessage=232234

There are some brushes and props in the MP for water spray type effects.

http://www.renderosity.com/mod/bcs/index.php?vendor=deviney

http://www.renderosity.com/mod/bcs/index.php?vendor=forester

Jepes has some movie effects water. His effects are excellent. I don't have the water one, but I do have some of his other ones.

http://www.renderosity.com/mod/bcs/index.php?ViewProduct=25465

You may be able to find some free brushes for water, sprays, splashes at DeviantArt or elsewhere.

"It is good to see ourselves as others see us. Try as we may, we are never
able to know ourselves fully as we are, especially the evil side of us.
This we can do only if we are not angry with our critics but will take in good
heart whatever they might have to say." - Ghandi