AU = Gold.. h2o = Water
A clever representation of the surname Goldwater , as in the late Senator Barry Goldwater (R) from Arizona.
In 1964 he was the republican presidential nominee who ran against and was defeated by incumbent President Lyndon B Johnson (D).
He held libertarian and centrist political views , fiscal conservative, socially centrist
AUH2O is often seen as a political slogan (T-shirts , Bumperstickers) still used by republicans who espouse centrist and libertarian views as opposed to those of the "religous right" aspect of the republican party.
Schwarzenegger , Giuliani , McCain could be considered modern day Goldwater type conservatives.