I've used it for a soldier mask and as a high temp elecrical tape before. It leaves no residue, and it's sticky though a huge range of tempuratures, but I don't know about water. It's not super flexible, very tough stuff. But it is probably pricy- I only ever used it in college, and the guy who ran the electronics shop kept it in a locked cabinet and you had to explain why you needed it.
_________________________
-IronRaven
When a man dare not speak without malice for fear of giving insult, that is when truth starts to die. Truth is the truest freedom.