Don't care for this idea but i do like the idea of making those items practical.
More quests that require them or something.
Or a very slight gain to your OD skill when you have them on you.
Make special encounters that can get you a nice companion if you have a canteen of water for them.
As for death due to low OD I disagree, but something else might be more practical.
Perhaps you spawn in literally entirely surrounded by whatever random mob it would have been due to low OD? that's more of a perception thing...
Low OD already sort of enforces death... You are forced into player encounters, lol.
The skill should have a bit more impact, especially in pvp but not random death for a low score of it.
Maybe instead a low score might cause you to get lost or dehydrate and get lost. (cause it to force you to stay where you are on the WM for 3 minutes, or 5 minutes and give you a "low OD" related message so you know why you got stuck...
That could really effect peoples plans, especially for later pvp or town wars.
Just my thoughts...
-Kain