In NetHack, fountains are a sick joke. While they seem to be soothing water sources, they are actually harbingers of doom. At low levels, drinking from one is frequently detrimental to your health or even fatal.

There are two major uses for fountains in NetHack: dipping things into them and quaffing from them. You can dip a potion into a fountain to dilute it. You can also dip scrolls or spellbooks into fountains to erase them. The problem with dipping things into fountains is that some of the bad random effects can still occur.

Quaffing from fountains gives a wide range of effects, a few of which are beneficial and the majority of which aren't so beneficial:

Due to the possibility of snakes, demons, nymphs, and contamination, quaffing from fountains at lower levels (as I have mentioned) is Very Dangerous and Not Recommended. It's rather like playing a slot machine...sometimes you can't resist the impulse to quaff anyways, despite the lousy odds. After any quaffing or dipping into a fountain, there is something like a 25% chance that it will dry up.