You can actually die from drinking too much water. In fact that's what happened during this radio contest:
Hold You Wee for a Wii. They made contestants drink glass glasses of water without going to the bathroom. One of the contestants dropped out at second after drinking almost 2 gallons of water over the course of 45 minutes.
Normally death from water intoxication wouldn't occur because your body would get rid of the excess water by urinating or vomitting. The contestants were prevented from doing either in order to win the contest.
To summarize: you can drink a lot of water. If you have too much, your body with excrete it out naturally.
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