A bowl of blue glass filled with water and large chunks of ice, lit from underneath by a 500W halogen worklight.
The light was shielded off to prevent any light spreading around, all light had to go through the blue bowl, water and ice.
Bottle was straight, camera was tilted slightly to obtain the angle.
The label of the bottle was lit separately by a small torchlight to obtain a normal color.
Background of crumpled white paper.
One extra 60W halogen light covered with blue bowls from the top right, to soften some shadows.

The setup, without the crumpled paper background, can be seen by clicking HERE.

Some editing was done since I discovered later that my sons name was written on the bottle.