DreamsMaster: The first thing that comes to my mind is that you may be sensing a problem with your plumbing. This plumbing problem could be literal in regards to the home you live in, or it could be a metaphor for the plumbing in your body.
What was on your mind when you went to bed the night you had the dream? Did you notice any wet spots on the ceiling or floor, or a toilet running? If nothing literal comes to mind, how about your health? Have you been experiencing any discomfort anywhere in your body? When’s the last time you were checked out by a doctor?
Water in a dream may also represent one’s emotional state. Along these lines, is there something building up emotionally for you below the surface (symbolism of the carpet covering the floor), that you fear if you let it out it will continue to flow uncontrollably?
In the dream, you were “panicking” because you “couldn’t stop it.” What were you afraid would happen? Did you sense your life was in danger? Or just that you were going to have a really big mess to clean up?
If one of these angles touched a nerve for you, then that’s the one I suggest you create a course of action to address. The dream is no doubt sending you an urgent message, and I encourage you to follow your instincts about it and get whatever outside assistance you may need – a plumber, a doctor, or a friend to talk to.