It is absolutely NOT a weight loss myth. In fact, drinking water, along with a good diet, and exercise will have you on the right path in no time. Your body is over 70% water, and it uses and needs water to do its daily operations. Your liver is what metabolizes fat, and when it doesn't get enough water, it has to assist the kidneys, and then is no longer metabolizing fat. That is just one of the many, many processes related to getting plenty of water.
This article is from this site, and is an excellent read.
Article: The Importance Of Water Consumption - Fitness Equipment, Workout, Fitness Program, Fitness Articles, Beauty Fitness, Weight Loss, Weight Training