* Short circuit the spark: Water would drastically reduce the voltage needed to create a spark, preventing the spark plug from igniting the air-fuel mixture. This would lead to misfires, rough running, poor performance, and potentially engine damage.
* Damage the spark plug: The electrical arcing across the spark plug gap can cause electrolysis in the presence of water, leading to corrosion and eventual failure of the spark plug.
* Hydrolock the engine (potentially): If a significant amount of water gets into the cylinders, it can prevent the piston from compressing the air-fuel mixture, leading to a condition called hydrolock. This can severely damage the engine's connecting rods and crankshaft.
In short, adding water to spark plugs is a recipe for engine problems and expensive repairs. If someone told you to do this, they are giving you very bad advice.