Would this work? Free water?

There are ways to bypass the water meter or even remove it and install a "straight pipe". Some newer models can report if there is an indication of theft or tampering, so I wouldn't recommend messing with it unless you know for sure it doesn't have those capabilities. Some utility fines for theft can go upwards of $300-$1000.

It's also very easy to screw up the washers, brass connections, and pvc pipes associated with the metering system and this would result in a leak that you would have to get a plumber or knowledgeable person to fix.

If you are however still interested in water theft (for education only...) try googling the meter's company and model number and there should be some guides on their website on how they work and the features. Also be aware that the companies are alerted to theft when readings go backward or do not change at all. The readings that are low, but still functional, are very hard to diagnose with a problem.

Not very likely that you won't get caught. Do you want to be charged with theft of services by your city?