6-MP is also known as mercaptopurine and is an immunosuppresant drug (like the remicade/humira biologics or steroids). like red_34 mentioned, you need regular blood tests while on the medication to monitor your white and red blood cells. i never drank "a lot" of water while on the medicine, but some people may need to i suppose.
i was on its sister drug, imuran (azathioprine) for a little while but it used to give me horrible nausea. oddly enough i never had any side effects from almost five years of taking 6-MP.
but like any immunosuppresive drug, the potential for serious side effects exists and there is a
slightly increased risk of developing cancer while taking it, just like remicade & humira. but if you're not afraid of humira, then there's little reason to be afraid of 6-MP.