Rumours say you can walk on water with them (and some say only shallow water), however, most people believe it's not possible. Also some think it's just a "joke" or "decoration" from CIP. They can be seen under the Serpentine Tower in Ankrahmun under the room with the Fire Elemental, Vampire and Behemoth. Be careful as the Fire Elemental on the -1 floor or the Green Djinn on the -2 could be let out.
Looks the same as the Soft Boots. Some rumours say that you can walk with normal speed when underwater. However, Since they are unobtainable the rumors are not certain.