I've read reports that people are trying to "deny" gankers of loot by pre-emptively dropping their stuff into the water.
Unless you have really valuable stuff like top quality toolss/weapons, Merchant's Robe or Traveller's Sacks, gankers are likely to just toss them into water themselves.
What you absolutely should NOT do is unequip your armor (especially Shield if you're using Shield Up as maneuver), that's the one thing very likely preventing you getting killed, even with Murderous Rage b12 Cleave.