The gag is simple. A man who has been riddled with bullets takes a drink of water and water comes spurting out of the bullet holes. The above screen capture displays a variation of gag featured in The Three Stooges' Three Pests in a Mess (1945). Following are other three variations of the gag.
Olsen & Johnson's Hellzapoppin’ (1941)
Abbott & Costello's The Time Of Their Lives (1946)
The gag is used for a pivotal moment in the story when Costello's character realizes that he was fatally shot by soldiers and has turned into a ghost.
Married with Children (1991)