I've been lurking for 15 years. I have to join to say this.
I think the market can support more wet t-shirt content than is being produced. Though i've been a film major before and can shoot and edit, i'll not be going into this business. But if I could secretly become a producer I think i'd produce amazing videos.
The closest i've seen to some high quality stuff is those splash girls / dunk tank babes.
all Kinds of fun can be had. You can make a gameshow type contest out of it with water canons or tilting buckets or pull string things. I've seen a picture of a contest in the bahamas where they had lines of pvc pipe built 4 feet above the girls heads with water balloons hanging from them, and they'd pop the balloons at certain times. that's a great idea as well.