I made-up project for marine aquarium, that was the first what came to my mind after seeing the texture ...

 

 

This is how it looks when you don't put a weight on your texture while scanning :-/...  I re-scanned it several times ....

 

 

Texture after color correction (levels + really little bit contrast) and removing background....

 

 

                 

Creating pattern, I could paint higher blotch but nevermind ... I tried to fix it and filled the white space...

Test on random font...

I jumped into Illustrator and made this little buddy :-) with help of more reference pictures... 

 

And here is the final use of watercolor texture:

 

 

 

 

Thanks  a lot Teela for this lesson, this was really fun!