believe it or not i did this a few years ago with just the endless water bucket (holding down the key with a jar or coins and taking a nap probably). i'd love to try TEdit one day but now i have a laptop w Linux.
anyway, the chests and dressers just have random crap in them, nothing too special besides what you'll need for survival. and i only made one building. this is mainly a world for you to explore water physics or i dunno feel all creepy like the movie Abyss. cheers