Water Shields

Liquid Armor: From "Urban Legend" to Real Defense? - The Danger Room

Well, don't know about the guys at Wired but when I think of water as a defense against bullets and shrapnel I think of the Mythbusters episode that tested just this question. What they found was that the faster a bullet flies the more energy is absorbed by water on impact. I don't know if the system these soldiers have rigged up will work but in theory it should.