The rules are kept very similar to regular volleyball: we have a regular volleyball net set up, we rotate sides as you would in regular volley ball... Pretty much all the rules are kept the same, with the acception of one--you catch the ball (balloon) and throw it back instead of hitting it. There is a certain skill to catching a water balloon without popping it. Players will definitely want to acquire that skill! Points are kept as with regular volleyball.
Have fun! Please comment any questions or suggestions below.