Depicts sweat or splashing water droplets, commonly used for physical exertion (a hard workout), nervous perspiration, or — quite prominently in internet slang — sexual innuendo, where it stands in for arousal or suggestive content. That dual literal/suggestive usage makes context essential; it's one of the more frequently misread emoji in casual conversation.
Keywords: comic, drip, droplet, droplets, drops, splashing, squirt, sweat, water, wet, work, workout