Here is an effect which mimics the appearance of a water-filled aquarium inside your text.
As you can see from the preview, the effect is translucent, so whatever you place behind the text will show through the effect. When the action is completed, it is left unflattened and the layers are neatly organized into a layer set for easy customization and movement into your project. The border, water, and glass are all left in their individual layers with layer effects intact.
Photoshop CS and higher