If you want to prank someone with a water balloon, but don't actually have any water balloons lying around, just use some paper instead. Yes, I know... paper doesn't sound like something that will work, but with you'd be surprised what can be done with a little origami.
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You can use regular computer paper, but if you want it to be a little more durable you should use thicker, sturdier paper, or even aluminum foil. Use immediately after filling with water before your creation becomes a soggy mess.