You're pretty much free to use your creative chops - pretty much the only restrictions are:
Size - it needs to be able to fit in the left side of the logo bar, leaving just enough space for a small banner ad if need be
Water - have something to do with water (the magazine is being launched by Waterelated, so it has to be tied in somehow!). I've attached an image that we like, but you don't have to use it - just let it guide and inspire you!
The name - Drink Water Love Life
Things to keep in mind - we do want to include '...brought to you by Waterelated' (with the Waterelated logo) somewhere on the site, perhaps on the top with the DWLL logo, so it should be able to look somewhat co-ordinated with it (I've uploaded that image too!).
Don't let that scare you though - we're pretty open!
The winning entry must be provided to us in .eps, .psd formats.