I pulled the paper at work. 
They are using Using water ripples ringing around a droplet  to create a symmetrical array of  phonons to cause a minute , but highly controllable frequency shift of the pump laser light.
All it does is impart a controlled  Raman or Brillioun shift to the incoming  light.  Which is cool if your doing certain types of spectroscopy in a lab.  However the  wavelength shifts are very small, on the  order of  a few Kilohertz  to maybe  .001 nanometer. Very useful in ultrafine spectroscopy, perhaps, but otherwise nothing to write home about at LPF.
Sad, the Journo's did not have a physicist around to tell them this was a non-issue for most of their readers.
Its not really  a " water " laser, its a tunable frequency shifting assembly that emits coherent light in minute amounts.
A very neat technique, that only a few dozen labs in the world can replicate or explore  right now.
Steve