We found one dictionary that defines the word put one's toe in the water:

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1. put one's toe in the water: Wiktionary

Definitions from Wiktionary (put one's toe in the water) ▸ verb:  Synonym of test the waters ▸ Words similar to put one's toe in the water ▸ Usage examples for put one's toe in the water ▸ Idioms related to put one's toe in the water ▸ Wikipedia articles (New!) ▸ Words that often appear near put one's toe in the water ▸ Rhymes of put one's toe in the water ▸ Invented words related to put one's toe in the water