Hey, i know that waterphones are fairly exotic expensive instruments, and i am in need of something that can mimic one and being as cheap as i am, i’m trying to find the cheapest way, and i was wondering if anybody out there knew of a way to set up pedal like the pog or synth so that it can recreate those sounds

like this?
http://www.youtube.com/watch?v=hFyv6t3OS3c

or this?
http://www.youtube.com/watch?v=UQNgdepm3_c&feature=related

I think the first step would be octaving.  After that you’d want to try to use a lowpass filter to start to subtract the harmonics from the signal and thus make it more sine wave like. 

The hardest part would be the droning reverb sounds.  I think a good reverb would only get you half there.  It seems that the waterphone has multiple resonances akin to a comb filter.  Unfortunately comb filters only really exist in computer plugins and racks right now.