oh come on, how many of you guys have gotten "just one drop of water" in your pot and ended up in the emergency room?
Water doesn't mix with molten lead, just as it doesn't mix with hot vegetable oil. When you drop your turkey in the fryer, it sizzles and the water on the surface is immediately vaporized and pops and bubbles, same is true with lead. Stand back, as lead is hotter than vegetable oil, and you'll be fine.
Two weeks ago I set up my melter on a sunny but cloudy Sunday afternoon on the deck for what was going to be my first casting session in months, after about 30 minutes the alloy was ready to be poured, so I start casting. (I cast onto a towel now, not a water bucket like I used to) then I hear thunder and unplug my pot and duck for cover (because of these silly stories I hear on these forums about water and lead) a moment later it was raining, and I'm thinking "oh no, my pot is going to explode and I'll be scraping the lead off my brick house for a long time."
it rained for a bit, enough to get the ground nice and wet. went back outside and the lead was hard, with a few craters and bubbles in it, but there was no lead anywhere else. Maybe because the water was coming straight down so the heat off the pot was boiling the water off before it got to the lead? how did it get craters and bubbles in it?
I just plugged my pot back in, this time out under the garage and let the lead melt again, then cast the rest. No harm, no foul, no problems, lots of bullets and a good way to spend a rainy day. I wouldn't, however, suggest you pour a mountain dew into your pot, that may be what some folks talk about when they say massive explosions that end you in a hospital. I can't think of a better thing to do on a rainy day than make some bullets.