The Collaborative International Dictionary of English v.0.48:

Splashy \Splash"y\, a.
   Full of dirty water; wet and muddy, so as be easily splashed
   about; slushy.
   [1913 Webster]

WordNet (r) 3.0 (2006):

splashy
    adj 1: characterized by water flying about haphazardly
    2: marked by ostentation but often tasteless; "a cheap showy
       rhinestone bracelet"; "a splashy half-page ad" [syn:
       flamboyant, showy, splashy]
    3: covered with patches of bright color