Exploding? No. But the flying part is easy, just get a plastic bottle, a pump (bicycle pump will do nicely), some plastic hose (so you can keep a safe distance... not to avoid getting hurt so much as to avoid getting soaking wet), a one-way valve and something to seal the bottle with that'll come loose at a high enough pressure and has a hole in it that'll fit the hose.
Cut the hose into a short bit and a long bit. Fill the bottle with water to about 1/5th capacity. Seal it around one end of the short bit of hose and attach the exit end of the valve to the other end of said hose. Attach long end of hose to the entry end of the valve, and cap it all off with the bicycle pump. Now just get the bottle pointing upwards, retreat to a safe distance, and start pumping
Did this in physics class in school a few times
[Edit] For added coolness, add a pigment to the water. If you do this though, use something harmless instead of swiping stuff like potassium permanganate from the local chemistry lab for its cool purple, because the water *will* get sprayed everywhere and you really don't want anything remotely toxic in it.
