Unfortunately, a really bad idea. Water is VERY heavy, it would cost a fortune to carry enough with you.
Thanks Meteor, After your kind remarks I did a little research. It can,t be that bad an idea, someone looked at a similar proposal back in the 60s.
"Various advanced reusable spacecraft and hypersonic aircraft designs have been proposed to employ heat shields made from temperature-resistant metal alloys that incorporated a refrigerant or cryogenic fuel circulating through them. Such a TPS concept was proposed for the X-30 National Aerospace Plane (NASP). The NASP was supposed to have been a scramjet powered hypersonic aircraft but failed in development.
In the early 1960s various TPS systems were proposed to use water or other cooling liquid sprayed into the shock layer, or passed through channels in the heat shield. Advantages included the possibility of more all-metal designs which would be cheaper to develop, more rugged, and eliminating the need for classified technology. The disadvantage is increased weight and complexity, and lower reliability. The concept has never been flown, but a similar technology (the plug nozzle[22]) did undergo extensive ground testing."
http://en.wikipedia.org/wiki/Atmospheric_reentry
The heat of vaporization for water is about 2.76 Mj/kg. Reentry from escape velocity produces about 60.5 Mj/kg. Assuming atmospheric drag contributes the lions share of the deceleration and the heat soak spans say 300 sec it is certainly not that far off. Yes there is a weight penalty but the other schemes have drawbacks too.
Can't be much lower reliability than shuttle tiles though.