It could be a lot of things from udder edema, mastitis, milk fever, age etc. You will have to give us more information like-
When did cow calve?
How long has cow been milked since it last calved?
Is it a dairy/beef animal?
Age of animal?
Is animal eating normally?
How much 'water' is it giving?
I would think that if animal was milking normally in the morning and by afternoon developed just 'water' that it is sick. Take its temp as well and let us know.