Step 1

Let begin, Open your document and load your image to the stage. We first need to cut out our background...Leaving it transparent.See my image have a white background which will be very easy to delete. I will use wand tool . To clicks on the white area of my stage and click delete

Step 2

Select you image make the image black and white, go to image -> adjustments -> desaturate

Step 3

So go to image -> adjustments -> levels and drag the handles a bit closer to the middle as I did.

Step 4

Now we will apply the liquid effect. So go to filters -> Artistic- > plastic wrap and give it settings as shown below.

Step 5

Here you can create a background layer-Choose a nice light blue make sure it at the bottom of the layer palette.

Now we will change the colors of the man to make it water blue.

So select the layer with the woman, go to image -> adjustments -> color balance and drag some of the handles, focus on the blue ones for both the shadow--(-43) (+3) (+33), highlights (+17) (+3) (+77) and midtones (-48) (-20) (-42) try to match my result as close as possible. You may need to adjust you setting differently depending on you image.

Hightlight strenght = 11

Details= 10

Smoothness=7