Transparent Objects?

I'm trying to make my water transparent from outside it (Faceted Water I believe) but changing the transparency value on the material isn't making the water any more transparent. Even at 0 alpha value it's still maximum transparency. Is there a different way to change it or am I doing it wrong?

I think on that one, you see the edge color or surface color a lot more, so changing one of these values affects it more directly.

Edge or surface color? How do I modify those values?

They are values in the Custom Material menu, if you're editing water. Faceted water may not have it, but you can achieve a similar look with the other water materials, which have way more options.