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yes there is. go to bullworth town and find a ladder that goes on top of a building. you might have to do this a couple times. once you are up there and you see a guy asking for a minijob, do it. you will have to hit a couple people with water balloons and then after, you can go to and water fountain or that spigot and get a water balloon.

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Q: Are there water balloons in bully for ps2?
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Related questions

What games feature a bully on the PS2?

The best game that features a bully on the PS2 is in fact the game titled simply Bully. Bully takes place in a school setting with the player controlling the main character James Hopkins who is a school bully.

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if your talking about bully (ps2) by rockstar, jimmy hopkins. (and he isn't that much of a bully if you don't wanna be)

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its not going to be on ps2 . only the wii and xbox 360

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use the second ps2 controller and then enter the cheats