How do I reduce foot/leg swelling? Can someone squeeze the water back up the leg?

See a physician. It is important to know why you are having swelling; whether it the result of a local problem, such as an injury or a systemic cause. Also, symptoms and other local signs are also important. In the case of venous insufficiency compression stockings are a first line treatment. Conditions such as lymphedema require other approaches. See your physician for evaluation and appropriate referral.
Elevate. The cause of your swelling needs to be determined, seek treatment with a specialist. Compression stockings are helpful as well as compression pump therapy for the legs. Elevation works well too!