Alice in Wonderland  Suggested by Amazingmax 

If both S are similar, both L are quite different,
even with a distortion,
the stem can't be wider on an enlarged L in WORLD
and also have a different swash/point, thicker, ... unless it's a lower case L.

The wavy look could be done with a lot of fonts to make it look like it's "under water" like
http://www.dafont.com/fr/underwater-love.font?nb_ppp=50&af=on&psize=l&text=SPLASH+WORLD


Vaguely inspired by Biscuit Boodle?
http://new.myfonts.com/fonts/insigne/biscuit-boodle/



I saw your topic on Abstract and was about to answer!

Alice in Wonderland.

You're right,
written
SPLASh World

with a wavy movement added.