Functional data were acquired of a finger tapping experiment using a conventional EPI approach as well as using high spectral and spatial resolution water spectra acquired using EPSI at 3T. Activation maps of both acquisition strategies were produced and compared. Expected task dependent areas of activation were seen in both, however, activation volumes were smaller in EPSI data. This could indicate that different Fourier components of the water spectrum are differentially affected by the BOLD effect. If this is the case, detailed analyses of the water spectrum could contribute to our understanding of the relationship between cognitive processes and the hemodynamic response.