You make the call

[Nevadaref]

Whack. Assess a technical foul for bringing an object onto the court during game play which could pose a safety hazard. This falls under unsporting behavior.
Players can't just grab anything they wish from someone on the bench during the game. Some items just aren't appropriate for the court and can't be permissible. To make the point more clearly, substitute a pair of scissors for the water bottle and say that the player desires cut tape off his wrist because it is wrapped too tightly.