I rarely check bags and have never checked water, although I have checked wine many, many times. No problems. No domestic airline has a restriction for how much water you can check, although some do for checked alcohol.
I get three free checked bags up to 70 lbs each due to my FF status, so weight isn't an issue for me. These days, if you travel by air even once a year, you should get an airline branded or other credit card which allows at least one piece of free checked luggage.