The artwork itself is inspired by "Maxime Quoilin", be sure to check out his portfolio he has some fantastic work. Right lets get started, create a new photoshop document your desired size, im using 800x600 pixels for the purpose of this tutorial. Set the color #008cda as your forground and the color #06446d as your background, select the gradient tool and a radial gradient. Starting from the middle of your canvas drag towards one of the edges either left or right, top or bottom. You should have something like this.
Using the elliptical marquee tool create a white ellipse at the bottom.
With the rectangular marquee tool create a rectangle on top of the ellipse.
Fill the rectangle with the color on the same layer as the ellipse, you should have something like this.
Add these layer styles to your shape.
You should have something like this.
Duplicate your can shape and move it upwards about 2-4 pixels. Leave the gradient overlay style on but add these two additional styles.
You should now have something like this.
Duplicate the duplicate of the layer you just duplicated, right click the layer and goto clear layer styles. Now add a black overlay and move the shape up 1-2 pixels. Select the rectangular marquee tool and make a selection like this.
Once you've made the selection hit the delete key, you should be left with this.
Duplicate your shape once more and move up again about 1-2 pixels, once moved add these layer styles.
You should now have something like this.
Using the rectangular marquee tool create a selection over half of the can.
Select the gradient tool with a linear gradient, drag a white to transparent gradient over the can. Set the layer opacity to about 5%, Click the blue can layer whilst holding down the CTRL key on the keyboard, make sure the white gradient is selected then goto "edit > inverse" then hit the delete key. You should have something like this.
Still with the rectangular marquee tool make a selection like the image below.
Fill the selection with the color white then set layer opacity to 5%. Add a layer mask then drag a linear gradient from bottom towards the top. Your looking to get this effect.
Still with the gradient tool, only this time with a radial gradient. Select the color black to transparent, on a layer underneath everything, but above the background layer. Start from the middle of the canvas and drag towards one of the edges on the canvas. Alter the perspective of the radial gradient then drag underneath the can, your looking for this effect.
Select your desired cutting tool, on the very top of the can make a curvey cut like the image below. Personnally i think the pen tool works best.
For this next part your going to need this stock image. http://www.sxc.hu/photo/1053211 Cut away the background and begin to place the water splash inside the can. Set the splash layer opacity to 80% and blend mode to screen.
Duplicate and flip the splash image then change opacity to 100%, place the duplicated splash image on the other side of the can, you can remove bits of the water from the splash image so both sides dont look equally the same.
Continue duplicated, flipping and cutting the water untill you have something like this.
Behind some of the splash images add some little fish, ive also opted to add a shark also.
Finally label your drinks can with your brand of soda pop/water. You can adjust the label on the can by using the warp tool located in the "edit menu". The final result should look something like this.
All done, hope you enjoyed this tutorial.

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