I want to edit the attached image to replace the 'Mate' with my own text. I know I can remove the text using content aware and some touching up but then what is the best way to add the text and make it look realistic like the original image? I especially want the effect of drips over the text?
There are a couple ways to do this, but I'll tell you what I would do. First off, I'd start over. Keep the can with the stripe and the "Share a Coke..." text, but lose the water drops and the "Mate" type. Now, to make the red for the can, I would make a new custom gradient (just sample the horizontal lines and use at least 5x5 for a sample size) OR use the stamp tool to wipe them out - be gentle and use Shift keep it horizontal. I would import the can into Illustrator to redraw the wave graphic and maybe reset the "Share a Coke..." type (you can do that in PS, too). Once you have the new can with a wave and the "share a..." type, set your own type.
For water drops, the easiest way is to use Alien Skin's Eye Candy (yeah, I totally cheat, but it looks good). Beyond that, you can make the drops one at a time with small, grey dots, using the filters panel to make the single dots - vary the dot size and dot fill opacity to get the right look. Working on mine, will show in a short bit.
I would find some stock photography of bubbles to sell the effect, the above example does not look awful but those bubbles give away the fakeness pretty fast. Find a stock photo with bubbles on white or black, mask them out and then use some subtle layer warping to conform the bubbles to the curvature of the can.