Whether it works should depend on how cinematic your campaign is. In general, I think touch spells should not be read so literally that, if it's raining, your spell automatically discharges. I'd say it needs to be a solid object, and that it will only trigger otherwise if the spell can actually target liquids or gasses. Otherwise, the spell doesn't recognize the water as a legitimate target, and it doesn't fire.
But the main thing is that you should have rules that fit your playing style.
If your game's harsh and dangerous, then no, you'd need silent spell, still spell, or underwater spell to cast spells underwater, period. Underwater races can cast underwater just fine, but they suffer penalties when in air. Even then, you might rule that certain spell components are ruined if they get wet. If this were a normal D&D game, I'd accuse you of being a punk, but if the game's tone is one of low fantasy, then this would be appropriate.
If your game is standard D&D cinematic, then you normally would need to use those feats, but if you have a water-breathing spell you should be able to use verbal components normally; freedom of movement would let you use somatic components normally.
If your game is high fantasy, or just cinematic, you don't need to worry about somatic components underwater; they work fine. For verbal components, you can cast fine if you have water breathing, and even if you don't, you can make a Concentration check (DC 15 + spell level) to cast a standard action spell, or (DC 25 + spell level) to cast a full-round action spell underwater, as long as you have some air in your lungs. However, you then begin to drown as if you've used up your normal full complement of rounds.
If you've got a really high-fantasy, highly-cinematic game, unless the badguys have specifically captured you and bound you, you can cast whatever you want, no worries.
What type of game are you playing?