Amid the rotting equipment and bones, a few valuable remain.  743 gp in a bag, several crushed gems, shattered vials, and broken (and 0 charge) wands, an unbroken potion of reduce person and a +1 flail with the name “Shatterskull” inscribed in Dwarven on the shaft. The bones do not react when you get near them. There is nothing hidden within the water, and touching it does nothing as well.