hmmm. Well first you can't apply 500,000 V of static charge to the water. Current will flow to neutralize the charge. That's ok. Instead we'll say there are plates above and below the water but not in contact with the water with 500,000V. Next, the voltage is les important than the field strength. How big of a gap (i. e. how much water are we putting that potential across?). So instead of 500,000 V of potential, let's say we have 500,000 V / m of field strength. The first thing that will happen is the water will polarize. Charge in the water will migrate to cancel the field. Perhaps instead of salt water we should deionize the water so there is very little free charge. Anyhow let's say we charge the plates all we need to to create the desired field strength inside the water. There is a limit to the field strength that can be supported in water. At a high enough field the molecules actually get pulled apart. Fortunately that happens at a few GV/m so we are ok there. Now you put in the spiked balls. You say the spikes are iron. Can I assume the whole ball and spikes are iron? They won't acquire any net charge. What they will do is polarize. The charge will move in the electric field negative one way and positive the other. You are correct the field will concentrate in the tips of the spikes. This will be a problem if the field strength exceeds the breakdown field strength of the water. Well, let's say it doesn't. Although the field is very strong close to the points of the spikes at a distance