I am re-re-re-reading the original post trying to visualize the finished layout. I guess seeing "water knot" triggered a visualization of a large loop like this sling/runner
http://www.rei.com/product/755451/me...mm-nylon-sling. I am now figuring out that you possibly just want a small loop on the end of the webbing. The way SmokeBait suggested would indeed be the way, but that is not a water knot. That is just an overhand loop (with a really long single tail).
Please forgive me for my slight confusion.
ninja post -- what JohnSawyer said.
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