Water Mane is a character mentioned in Might and Magic III: Isles of Terra, and was the ruler of Terra before the land was formed.
Back in those days, Terra's civilization lived underwater in a coral city, but Water Mane's kingdom was lost in a great storm. After the storm, the Isles of Terra were left floating in the water, and the only remnant of the kingdom was a statue of Water Mane.
The statue is located in the center of the Maze from Hell. To complete the maze, the party must reach the statue and drink from it.