An interesting thought, but it will fail on several counts.
A water pipe could be considered like a waveguide as used for microwaves, but the varying sizes of pipe would create some weird propagation modes, and for a small pipe like 0.5inch diameter, you would need a frequency up around 15 to 20Ghz to be in with a chance of it propagating at all.
The next teeny weeny problem is that radio waves do not travel very far through water, the higher the frequency the greater the attenuation.
Now if you were to magnetically couple to the pipe by putting a coil around it, you may then be in with a chance of communicating up the pipe, assuming that it was a steel or iron pipe of course.
JimB