Yes, the lamp would blink. And at 3000 volts the air gap would be very visible too! However the lamp would come on at some voltage high enough to strike the arc and would go off when the AC voltage approaches the zero crossing and there is not enough potential to sustain the circuit. In other words, the light is on when the circuit is complete (the water valve is open).
That is not an analog to water hammer, which occurs when a valve is closed abruptly (the switch is turned off) and the kinetic energy of the moving water stream is dissipated as that bang in the pipes. I guess the analog to water hammer would be the light illuminating briefly after the switch is turned off. As if there is some kinetic energy in an abruptly interrupted flow of electrons.
I am certain that you understand all this. I am writing for anyone following the thread. I remember when I was first picking this stuff up and wrong analogies and incorrect information had me working under false assumptions. Like the time stanfortyman flamed me for putting forward the idea that breakers will trip at 80% load after 3 hours. :)
EPM