1.Create a new document, fill the background layer with black, use the Lasso Tool with a 40px feather setting, draw a selection of the lake portion form lake image.
Copy and paste the selection three times and move right and left with all having opacity if 60%. again on center make duplicate of layer and give opacity 100%.
Give some curves and levels layer to give lighting effect.
with soft white brush give some smog effect on the water layer
will look like this
2.Now type a single letter to which you want to give splashing effect i am using R.
Give it some Blending effects which will improve its look
Bevel and Emboss: soften 15px and size 5px
Gradient Overlay: combination of 004ea6 & 00ace5
Stroke:0aa6ff , 1px
3. Now add some noise effect to it have new layer with selection of text layer and fill it with black color and go to filters >noise >add noise with amount 16.57 of gaussian blur with monochromatic effect.
And change its blending mode to screen.will look like this
4.Create a new layer called “water splash” and load the water splash brushes into Photoshop, choose some brushes from the set and paint around the text where you want water effect use various sizes brush to paint will give good effect.
Can make some steam effect by using small and soft white brush.Use it on edges of the text to create some waterflow/highlight effect.
5.To make water splash around the text sharpen a bit duplicate the water splash layer and apply Smart Sharpen filter settings.
With all this effects at the end it will look like this
Regarding this blog If you have any question, drop a comment below and I will try my best to help you out.