While the above answers MAY be considered as possibilities, if it's only happening with water, and only when he drinks a lot, it's just too much too fast. This is really common when a dog comes in after a good romp and heads to his water because he's hot and thirsty. He drinks the whole bowl then up it comes! If this is the case, try to slow him down. Take the bowl away for a few seconds after he's had a little, then let him have a little more.continue this till he's had his fill, but sometimes you need to help a little with impulse management. This is especially common in Labradors. With that said if he's throwing up after every drink, or when he eats and drinks, even small quantities, it's time to see a vet.
I'm sorry to tell you your dog is very sick and it doesn't sound good. Is your dog a schnauzer? Usually drinking A LOT then throwing it up means their kidneys could be failing. Your dog needs to go to the vet.
how is his urine output does he pee alot does he do it every time he drinks or just after alot of running you should take him to a vet for a check up also have him check for diabetes if his sugar is high he is very thirsty and will drink till he makes himself sick if he only does this after alot of running dont be to concerned but he still needs checked out