In this tutorial we are going to create some water-like text on a leaf background. First find a suitable background image, and write some text over it. It is best to use a text with rounded edges so that the final result will be more dew-like. Here is what I started with.

Lets distort our text a bit so that it looks more like a collection of water. Click on your text layer and choose Filter > Distort > Wave, and choose a type of "sine." Bring down the number of generators, and play with the rest of the settings until you get something you like. This filter is very touchy, do your best to get something similar to the image below.

Now we are going to use layer styles to create a liquid feel. Right click on your text layer from the layer window, and choose "blending options." Use the settings I have below.

Next choose Layer > Layer Style > Bevel and Emboss. Use the settings below.

From the same window, click on the "drop shadow" button from the list of options to the left, and use the settings below.

Your text should be looking rather transparent by now Lets heighten the experience a little. Hold Ctrl and click on your text layer to give you a clean selection, as shown below.

Click on your photo layer, the leaf picture that is below your text, and choose Filter > Distort > Spherize When water is collected and held the image below is magnified slightly, this will help to reproduce this effect.

While you still have your selection, choose Image > Adjust > Brightness Contrast, and increase the brightness and contrast slightly. Finally I added a 1 pixel stroke of dark green by choosing Edit > Stroke. Here is how mine turned out.