Has anyone here experienced the "living water" mentioned in John 7:38?

Yes, it can be experienced today. Peter said the Gift of the Holy Spirit is "unto you & your children, as many as the Lord our God shall call." Acts Chapt 2. The Living Water is The Spirit of God Speaking through men from their spirit Via The Holy Ghost. God's Word is refered to as "Water". See also the Chapt on The woman at the well.

I believe that is what we experience when we first dedicate our hearts to Jesus. Most people that come to the Lord experience a very emotional high. It is the greatest feeling in the world and it causes you to "be on fire" for the Lord. When I first set out to accept Jesus as Lord and began having the Bible reveal itself to me, I believe I experienced the "living water" mentioned in John 7:38. You can feel the transformation of your spirit taking place. Now that some time has passed, I still feel like my life has changed.

Though I am still subject to my many human flaws, I have a strong desire to do away with them. Its like a new awareness that has been turned on. I am wondering if the "living water" sensation is the same thing as the "baptism of fire." I am wondering if that fire I feel inside to be a good Christian, is what being baptized by fire is all about?

If the Holy Bibble says it, then we know it must be true. But I must state once more that I am just learning about these things for I am newly reborn, all shiny and new again ;).

peacetol_packin_preacher is correct. It refers to the Holy Spirit.

Wouldn't that be the blood flowing through your veins?