It could be water or lava or mercury or what have you. I'd just like to see something flowy.
I'd love to see magma. I've always loved Forj's design, and Slaglord may be my favorite challenger released in the past year. I think there was another magma-y challenger or something, I'm not sure.
SPOILER (click to toggle)

Mercury doesn't interest me, and I'm pretty indifferent on water.

-points to name- Yes.
That would be a pretty sweet pet color to see.
♥ [flower=owl] ♥
Hell yeah, Mercury.
Support.
No support for whatever Forj and Slaglord are. It's pretty boring.
Mercury could be pretty neat as a color-fill, but I think it would end up looking just like a shiny version of the silver colorfill pets. The shininess of the gold pets is generally not well-liked (because they look plastic-y), so I don't think this would be an improvement.
Neopets already has a water color and it's pretty, but sorta boring. Unless the artists could come up with something really creative, I don't think it would be worth pursuing.
I'm sort of iffy on a magma-themed color. Forj's art is gorgeous, but we already have reborn pets. They don't have the black igneous rock that would be the main feature of magma pets, but many of them are still dark an a couple even have hints of a magma flow (see the magnus in the spoiler):
Examples
In conclusion: creative ideas, but no support. There's an active thread here pushing for blown glass pets which may end up looking more fluid. The blown glass would still look a bit like a liquid (because they are made from molten glass), but there would be more room for creativity as far as colors and markings on the pets go.