Literally speaking she seems to be marketing her own water, whatever that might be. It most probably mean that it's her essence, metaphorically put.
The singer didn't give too much away. It's a unisex scent.
"It's a unisex scene, inspired by the adventurous woman and the man who loves her," said the diva.
And after all, there is water in the composition - an accord of fizzy water,
"@DieWithUrPawsUp the base consists of sparkling water, lime, leather. 3 things I use everyday. A very clean expensive scent
-- Lady Gaga (@ladygaga) August 7, 2014"
Her debut fragrance was called Fame. It was more provocative in words than in deeds.
This time, the packaging for Eau de Gaga reverts back to more classicism.
Update: a reader sent us a link to this picture of a fuller view of the Eau de Gaga packaging. It's a sleek and dramatic contrast in red and black.