Colorize the water splash according to the shown settings to give it more cola like look.
step 12 of 20
Add a part of the linked image and blend it in the bottle to give it 'liquid in the bottle' look and change its blending mode to 'Luminosity' after colorizing the liquid.
duplicate the above layer a couple of times and cover the complete bottle, then merge all these layers and apply mask to make the logo of coca-cola more visible.
step 14 of 20
Take a few droplets from the splash of the the linked image and add it to the bottle to give it a look like condensation drops.
Adjust the size, angle and levels of the bottle cap and position it to its right place.
Press ctrl+alt+shift+E to merge all visible in a new layer. Duplicate this new merged layer and change its blending mode to 'Color doge' with 45% Opacity.
step 17 of 20
Duplicate this layer and colorize it to reddish color. Then change its blending mode to 'Hue' with 75% opacity.
step 18 of 20
Create a new layer and give 2 big soft brush strokes on top and bottom with dark reddish color leaving middle area empty. Change the blending mode of this layer to 'Lighter Color' with 20% Opacity.
step 19 of 20
this was before updating the entry.. this is more reddish so changed it to more cola color in the updated image.
step 20 of 20
Added ice cubes.
Thanks to Kyle May for the ice cubes image.