Maybe environment mapping would be something for you?

You can apply it to any model you want (just make a small model instead of the sprite) and it looks like an almost real reflection; perfect for something wet.

The problem is that now the environment mapping shader uses the alpha channel of your tga (to control where there should be the shader cubemap and where the skin visible), so you can't use it with transparency. Steempipe once made an environment mapping shader with transparency, but I'm not sure if it works with your graphics card (the standard environment mapping should work). Hope it works