Well, if you’re on a budget then I’d say either particle playground or foam is the way to go. Create your water jet on a new layer – just use the preset red pixels for now – (or change to white actually)
then once you’re happy. Pre-compose this layer – make sure you choose to take all attributes with it. Then use this pre-comp as a displacement map for your footage. This should give you the lensing effect water has.
If you put the pre-comp above the footage layer and mess around with transfer modes, you might even be able to get a sheen on the water.
Hope that helps
Graham
https://www.quinceweb.com – web design
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https://www.shiveringcactus.bravehost.com – Free FX for amateur films