My first thought is did you beat it enough? If it's watery it sounds like it hasn't fully reached the stiff peak stage. You need to check this by pulling up on the meringue when you switch off your whisk, and double checking that the peaks stand straight without flopping over.
Like monkeyboots has said, meringue is a difficult beast to tame, but once you get it, you'll wonder what all the fuss was about in learning it. I would firstly make sure that my bowl and beaters were absolutely clean; even if you take them out of your cupboard clean, wash them again in very hot soapy water, and rinse well before drying. Even the tiniest residue can interfere with the outcome of your meringue.
Try it again, and let us know how you get on.