So, I have pieced this one together out of two easily available items that can be found very inexpensively at the Dollar Tree or ebay
Step 1: Things to get
I found this little frog at Dollar Tree, but you can also find them on ebay,
ebay: touch activated color changing led light up toy
ebay: water activated color changing toys
Magnet activated security alarm siren, from Dollar Tree
Suction cup to hold the frog to the side of the bathtub at the desired water level
Hot knife/soldering iron
some lengths of thin wire
sugru to reseal the frog after modifications are made
Step 2: Reverse engineering
I always seem to want to combine two electronic products into one, but I'm never sure how to handle the fact that each has its own separate power supply and how to connect them in such a way that the power supply of one does not defeat/destroy the logic of the other.
I found by poking around that the power supply of the shrieker was interfering too much with the behavior of the frog circuit, so I shorted that out and relied entirely on the frog circuit power supply. This wound up making the shrieker less loud, but still audible, so I went with that.
Step 3: Combined schematic
I shorted the reed switch as shown.
I removed the power supply and created connections to the frog circuit there.
Soldered in the leads from the screamer circuit from one pad on the high side of the led and the other lead to ground as shown.