separate them when play becomes loud. take away toys etc. restore peace, give the toys back.
they will scream and fight it a lot the first few time, but if you keep a constant, predictable and strict response they'll get the idea, eventually, that they need to play in acceptable ways.
also make it clear that it only applies in specific time/places (evening, home, public indoor building) and where it's acceptable (afternoons, parks, etc)
I'm not a proponent of treating children identically to adults, but children should still be afforded some aspects of human dignity. Spraying them with a water bottle like a malfeasant feline is not a polite way to treat anyone, regardless of age.
If you do this to your child, you are teaching them that this is an acceptable way to treat people that bother them. If you do not end up with an egocentric and inconsiderate child after subjecting them to this, it will be from pure luck.