找到个英文的,看看图片吧,应该可以看懂的
Step 1
Let's start from the beginning. Create new document (I used 960x1280px) and fill it with
#909090. Now using Blending option apply
Gradient Overlay for Layer 1. Reveal effects for this layer, click right mouse button on
Gradient Overlay and select
Create Layer. Now holding
Alt key click between Layer 1 and Layer 1's Gradient Fill (cursor will change to padlock). Move Layer 1 on top, change blending mode for this layer to
Overlay, lower
Opacity to
75%, use
Filter > Noise > Add Noise (Amount about 5,5) and then
Filter > Sharpen > Sharpen twice. Change Layer 1's Gradient Fill name to "background gradient", and Layer 1 to "background shrapen", and place them in one group called "background".

Step 2
Now let's find a model which will wear our Water Dress. I found one on
sxc.hu, You may see her
here. Separate her from image using any method You want (I used
Pent Tool (P) for contours, and
Filter > Extract (Alt+Ctrl+X) for hairs) and place her on our document (Image bellow Is resized and I don't recommend to use it for further work - it's only example how it should to look). You may name this layer "Lady".

Step 3
Water Dress will look nice on natural body. Because I can't use nude pictures in public tutorial we need a little trick. Click on "Lady" layer holding
Ctrl, and using
Clone Stamp Tool (S) erase panties (It doesn't have to be photorealistic or perfect looking).
Tip: It's a good practice to create new layer over our "Lady" layer and with
Sample All Layers setting checked paint on this new layer. This will save our oryginal image. I made this way, and named this layer "Lady panties mask".

Step 4
Now let's find a material for Water Dress. As You may think - we need a water splash photo. I found one on
sxc.hu and You can get it from
here. We only need a top part of this image (which by the way looks like a dress). Using
Rectangular Marquee Tool (M) cut this part, and using
Free Transform (Ctrl+T) place it like on image bellow. You may name layer with this splash as "dress" and place it in "water dress" group.
Tip: It doesn't have to fit perfect, we will match this later.

Step 5
Grab
Magic Wand Tool (W), set
Tolerance to
5 and delete blue background (select areas and hit
Delete). After this there will be some blue dots, which You can erase using
Eraser Tool (E).
Tip: If You use different splash image, You may have to use higher/lower
Tolerance (depends on image) or even different selection method. Use
Ctrl+Z as many times as You have to untill You will be satisfied.

Step 6
Change "dress" layer
Blending Mode to
Luminosity. Now use
Filter > Liquify (Shift+Ctrl+X) to make this splash to look more natural as a dress. You have to use
Forward Wrap Tool (W) to do this.

Step 7
Duplicate "dress" layer, set
Blending Mode to
Overlay and lower
Opacity to
40%. Make sure, that You have "dress" layer active, and click on "Lady" layer holding
Alt key to make a selection. Now using
Burn Tool (O) paint on her legs behind water untill You will get nice effect. After You finish, You may deselect.
Tip: Try to experiment with
Burn Tool (O) brush size and Exposure setting. If You are using different splash/lady images You may experiment with Opacity for "dress copy" layer too.

Step 8
It's almost finish. Select
Sharpen Tool (R) and using different brush sizes paint on "dress" layer. After few clicks You will understand Why - water will start to look more ... sharpen.
Tip: Try to experiment with
Sharpen Tool (R) brush size and Exposure setting. Don't paint over whole dress, just pick some places. Sharpening water drops will be nice idea too.

Final result
I have to say, that figuring how Gisele Bundchen Dons Water Dress was made was verry productive for me. I've learned some new things. When I started I even haven't got an idea how to do this. After 5 hours everything became simple. Ofcourse Gisele dress was made from thousands of great quality water images. Im my case, I had to use free stock photos. If You can get good quality water images You can make better dress than I've done (by the way - I wish You do something better).
