It would be fun to see this as part of an experiment showing the behavior of the water after (1) changing its surface tension using a surfactant (or in other words, repeat the experiment using soapy water) and (2) comparing it to the behavior of a non-hydrogen bonding liquid possibly a low viscosity cooking oil.
The sphere having the smallest surface area for a given volume ... the liquids ultimately form spherical droplets to lower their surface energy (my apologies for stating the obvious). Would the difference in surface tension or the nature of the intermolecular interactions simply just change the size of the spherical droplet?
If you saturated the rag with a heterogeneous mixture of oil and water on Earth, squeezing the rag into a cup would give you a cup of phase separated oil and water. If you did the same thing in space would you simply be able to collect the water droplets and oil droplets separately? And then what would happen if you added an emulsifying agent like soap to the mixture?