Many call Jesus the “Living Water.” They do so because of a conversation between Jesus and a Samaritan woman that took place at a well (John 4: 6-10). The woman drew water from the well and Jesus asked her for a drink. She was taken aback, for Jesus was a Jew. She knew that the Jews despised the Samaritans, wanting nothing to do with her people. So she asked Him how is it that He, being a Jew, was speaking to her.
Jesus sidestepped her question and said, “If you knew the gift of God and who it is that asks you for a drink, you would have asked Him and He would have given you living water.” Notice that He doesn’t say that He is living water. He says that He is able to give living water.
The meaning of living water is found in John 7: 37-39. There, Jesus cried out saying, “If anyone is thirsty, let him come to Me and drink. He who believes in Me, as the Scriptures said, ‘From his innermost being will flow rivers of living water.’” The passage continues: But this He spoke of the Spirit, whom those who believed in Him were to receive; for the Spirit was not yet given, because Jesus was not yet glorified.
Living water, then, is the Holy Spirit. Upon acceptance of Jesus, the Spirit is sent, given by Jesus to indwell us. From within, the Spirit’s power flows.
By the way, I believe if one immerses him or herself in the living water, in essence surrendering to the power, that is considered as being baptized with the Spirit (Acts 1: 5; 11: 16) and/or filled with the Spirit (Ephesians 5: 18).