You can expect to get wet in Bangkok during the festival. If you go to Khao San Road (which I did yesterday) prepare to get soaked. I was shot with water pistols, hoses, buckets of water were dumped on my head - sometimes it was warm other times ice cold. Also, they rub a wet talc powder on your face.
It was crazy fun.
I did not take my camera to keep it from getting wet but here are some pictures I downloaded off the net. They will give you a pretty good idea of what goes on.
Unfortunately, I did not see the elephant.