Text Reflection - You can easily make text look reflective. First, create some text (example 1). Then, create a duplicate layer, use 'Image | Rotate' to flip the image (example 2). Use the move tool to line it up to the bottom of your text.
To give it a watery feel, use the magic wand tool to select the inverted text, then the lasso tool to make the selection active. Select the flood fill tool, set the opacity to 38 and click on the reversed text. Then use 'Effects | Texture Effects | Texture' and use number 11, then ad a gaussian blur to get example 3:
You can stop there if you like the effect or use 'Effects | Artistic Effects | Contours' with the color set to white, width=2, opacity=50, luminance=139, blur=35, detail=15 and intensity=100 for the example below.
Experiment with the different effects and settings to get a look you really like. Have Fun!