Derisively used to describe soda pop.
When I was a kid and I wanted to have a Coke or root beer, my parents would say, "No, you cannot drink Coke or root beer because it's nothing but sugar water" and I would whine, whine, whine and drink my lowfat milk or juice. I used to think they said that because they were cheap bastards who didn't want to spend all of that money to buy Coke or root beer until I started grocery shopping for myself and found out that both milk and juice are a hell of a lot more expensive than sugar water. Hell, even bottled water is more expensive than soda pop. Anyhow, I found my mom's hidden cache of Fresca in the garage one day and I was so excited. Because here was sugar water! In my house! So I ran back into the kitchen to grab a bottle opener (this was back when bottles were glass) and greedily drank the entire bottle only to discover that Fresca tastes like warm, flat dog piss. I think it must have been the saccharine.
Anyhow, that's my sugar water story.