In simple words, Jalakreeda means, bathing in the water by playing with others and it may be with our wives, friends or with small children, in order to express our joy, in front of others. Jalakreeda was done by the ancient kings, along with their consorts.
In the Treta Yuga, the great King KartaviryaArjuna used to perform Jalakreeda in the holy rivers, along with his consorts. Through his thousand arms, he used to sprinkle the holy waters on to the face of his consorts, in order to make them to become happy.
Similarly, Famous kings and the Bhagavathas like Prahalada and Dhruva have also done Jalakreeda along with their consorts.
If we recite the word, Jalakreeda, immediately we would remember about Lord Krishna. The Jalakreeda performed by Lord Krishna along with the Gopikas is very famous, which was done during the previous Dwapara Yuga. Some people are wrongly understanding the meaning Jalakreeda, and especially about the Jalakreeda performance of Lord Krishna. Without studying the entire subject, some people are simply commenting that the holy god is doing mischievous acts with the young girls.
The reason for doing Jalakreeda by Lord Krishna with the Gopikas, is to inculcate spirituality in their souls. He wants them to be filled up with full of spiritual thoughts on him. By spraying the holy waters of River Yamuna on their faces, and by hugging and kissing them, he has given the real love and affection of a mother.
During the Treta Yuga, when Arjuna and Krishna were born as Nara and Narayana, and when they were meditated at the Naimisharanyam forest, the sages who gathered there had asked Lord Krishna to bless them to be born as his sincere devotees in their next birth. As per their request, the sages were born as the Gopikas, and as per their wish, Lord Krishna had showered his true love and affection on them, and through his divine touch, he has made them into pure and pious.