Time after you and I get water (3)
I believe the answer is:
wet
'water' is the definition.
(I know that water is a more specific form of the action the wet)
'time after you and i' is the wordplay.
'time' becomes 't' (abbreviation).
'after' means one lot of letters go next to another.
'you and i' becomes 'we' (we means you and I).
't' after 'we' is 'WET'.
'get' acts as a link.
(Other definitions for wet that I've seen before include "Moistened" , "Saturated; rainy" , "Rainy; feeble person" , "Moderately Conservative" , "Irresolute" .)