You'll probably hate me for doing it for you, but here's my take.

looks really good LD
so how did you do it?

Well it's probably no use to you (since you have an older version of Photoshop)

But I merely did...
distort (to match up with the container)
warp (a feature available only to photoshop CS2 and above to "wrap" the text to match the container)

It looks harder than it is, as I also decided to cut out a bit of the front part of the container, made a copy, moved it back a bit, rotate a little, then used that to guide in warping the rear part of the text.

A bit of trial and error and there you go, David Bowie text wrapped around on a container.

water text tutorial should help with the spillage, just change the colors,

http://www.bluetorials.com/free%20stuff/ps_tuts.html#WATERTEXT

here's another try

Transform->Warp and Distort.

The way the text is bent it implies it should be further up on the tube on the picture, but thats my only quarrel, i like the spill it looks good, not that realistic, but really stylistic. who knows I'm not much help at the best of times.

A bit rough, I did this with the liquify tool, free transform, small brush smudge 1,2 pixel, ~ burn tool, blur tool.

hahaha! Classic answer, Splodge. Awesome.