So, place your extracted character BELOW Layer 1 and Layer 1 copy.
Duplicate the character, and place the duplicate below the original. On th Duplicate, do Filter > Blur > Gaussian Blur > between 4-6 pixels:
Next, make a new layer above the character and name it something like "Drizzle". Take a round, hard brush (size between 2-3 pixels) and put a few "drizzle" drops around the character. Duplicate "Drizzle" and place "Drizzle copy" below "Drizzle". On "Drizzle copy", do Filter > Blur > Gaussian Blur > 2 pixles. Set both Drizzle layers to "Screen" and lower the opacity of "Drizzle" to about 40%:
Next, make a new layer above the Drizzle layers, and name it something like "Drops". Take a 1-2 pixel hard, round brush and use your mouse to make small lines that look like water... how do I explain it? Like this. See those blobbly things? Make a few of those on the character (especially on the hair).
Note: Make sure all droplets are sliding downwards. Respect gravity!
Duplicate the "Drops" layer (and you get "Drops copy". Place "Drops copy" below "Drops". On "Drops copy" do Filter > Blur > Gaussian Blur > 2-3 pixles. Set both Drops layers to "Screen" and lower the opacity of "Drops" to about 80 %:
And we're done! Yay! Of course, it looks kinda plain now, but add a background and some textures, and it's all good ;)