Green’s Dictionary of Slang

water n.2

[ety. unknown]
(drugs)

1. injectable amphetamine.

[US]Smith & Gay Heroin in Perspective.
[US]ONDCP Street Terms 22: Water — methamphetamine.

2. phencyclidine.

[US]T.R. Houser Central Sl. 53: trippin’ [...] ‘Dude took some of that water; he be trippin’.’ [Ibid.] 55: under the water wing. Under the influence of PCP. [Ibid.] 57: watered-up To be high on PCP.
[US]Microgram Bulletin XXXVI:8 182: PCP combined with marijuana is referred to as Killer Joints, Super Grass, Fry, Lovelies, Wets, and Waters. Today, PCP joints are often referred to as ‘dippers’ because users dip the joints into a PCP-laced liquid referred to as ‘water.’.

3. furanon di-hydro, used medically to encourage sleep and assist muscle recovery and growth.

[Can]Toronto Sun 31 Dec. 82: Gugliotta’s seizure probably was caused by an over-the-counter dietary supplement with furanon di-hydro in it. The substance, which has street slang names such as ‘water’ and ‘liquid,’ is supposed to encourage sleep and assist muscle recovery and growth.

4. gamma hydroxybutyrate.

[US]ONDCP Street Terms 22: Water — [...] Gamma hydroxybutyrate (GHB).