click here to check out this tutorial

3458883003_58f1fa19a0_o

from the author:

So, in this tutorial I will show you how to create a water text effect. Even though it might look compex it's a very simple effect. We will use Illustrator for the text, then Cinema 4D to make it a 3D text and Photoshop to mix the 3D with some real photos to create a nice and realistic result.