Once you're comfortable walking in waist-high water, try walking in deeper water. As you walk, swing the arms. Keep the back straight, and tighten the abdominal muscles to avoid leaning too far forward or to the side.
To help you stay above the water, try placing a water noodle between the legs. Make sure the noodle is higher in back than in front. If you don't know how to swim, wear a flotation vest or float belt in deep water. To increase resistance as the hands and arms move through the water, wear hand webs. Water shoes can help you keep traction on the bottom of the pool.
For a more intense workout, try jogging in deep water.