An underwater explosion travels slower in water than it does in a vacuum. That's not just to do with the coefficient of friction of the water. The light from the explosion will take longer to reach you than it would if you and the explosion were in a vacuum.
Which leads me to another thought - does that mean that the matter of water is basically just another form of spacetime, in which the speed of Causality is different from the speed of Causality in spacetime in a vacuum?