If you dream of throwing water balloons, you need to learn how to control your temper.
If you dreamed of being hit by a water balloon, you feeling very emotional about a certain situation, possibly related to your love life.
If you calm down and think with your head, you will be able to control the situation better.
[1]If you dream of throwing water balloons, then you are playing games with your emotions, and trying your hand at manipulation. Dreams of a water balloon signify compartmentalized feelings and that you are attempting to contain, restrain, understand and/or make light of the mystery of life.
[2]