Laser concepts can be applied to a broad range of physical phenomena. One of the closest parallels occurs with the fluttering oscillations that are sometimes observed in the falling sheets of water associated with fountains, dams, and natural waterfalls. In many respects these fluid feedback oscillations are similar to the electromagnetic modes of typical lasers, and recognition of this similarity led to the interpretation of the waterfall behavior. Gain profiles for the waterfall oscillations are developed, and the relationship of experimental waterfall data to the laser-like models is considered in detail. ©1997 American Institute of Physics.