Does it hold liquids or can I use it as a water bottle?

The BottleKeeper is lined with neoprene, which is what helps to keep the enclosed beer bottle both protected and cold. That said, if you poured water into the BottleKeeper it would mix and interact with the neoprene and adhesive that keeps it in place -- and because of this, we also didn’t make the screw on/off base water tight. So the long answer to your question is and that it’s unfortunately not possible to use it as a water bottle...