As PP have said, yes you can use a SC for most bottled beverages but it's not a great use of a SC. Check out my 2012 Confirmed Snacks thread for listing of the many items you can get with 1 SC. Link is in siggy.
Enjoy!
We pick up a case of bottled water on way to POP (we have a rental car) so we don't use SC for water and only occassionally for any beverage. This year since we will only have half as many SC on the QSDP plan I don't plan to use any SC on beverages.