Christ refers to him as the living water, those that drink of this water will never thirst. John 4:14 in the topical Guide of the scriptures that LDS Members use it says this: A symbol of the Lord Jesus Christ and his teachings. As water is essential to sustain physical life, the Savior and his teachings (living water) are essential for eternal life.
How can we make this symbolism part of who we are as spiritual beings? That is the question that every one seems to struggle with. I don't have all the answers but I do believe that this insight will help.
Before I get to the Living Water part, I want to talk about what water is really good at. Water is really good at shaping the land, molding the land, we know that mountains, valleys and canyons are all formed by glaciers, rivers, oceans or Water.
Is it possible that what is really being said here, is that if we come unto Christ, our hearts will be shaped and molded to his will?
Let me explain further. I think that because we live in a wicked world, our hearts (our souls, emotions, call it what you will) are hardened because of the influence that the adversary has on this earth. Is it then possible that unless we start partaking of the living water (Christ) our hearts, emotions, our souls will never develop into our divine potential? I think so.
I draw from the example of the grand canyon. it took millions of years to create this beautiful masterpiece that nature provided. How was this amazing natural wonder created? From the Colorado River over thousands of years, it carved this canyon. I think we can gloss over this eternal truth, and sugar coat that Christ is living water. When you look at the context of this wonderful scripture story about Christ being the living water we realize that it's more than just believing. We let Christ mold us into our divine potential, the potential that Christ see's us becoming.
The next question to ponder is then, how can I let this living water of Christ penetrate my heart? Just like it took thousands, or millions of years to create the grand canyon, so does our heart. It's not a one and done type of thing. We have to keep an eternal perspective of Christ's teachings and blessings to shape our hardened heart. I believe that our hearts are hardened so Christ's teachings can mold us to what we are to become. Knowing this helps us understand that we need nourishment daily, think of a river always flowing, giving life to all that it inhabits it.
We can help this water (Christ's influence, teachings, and blessings from heaven) flow through us by: reading our scriptures, praying, or getting to know Christ, going to church and partaking of the sacrament, serving our family and friends, forgiving others, and living the standards that our Heavenly Father has set for us.
For more talks about this from LDS general Authorities here, and here