Yes,..that definitely sounds like a fungal infection(mycotic dermatitis) commonly found in snakes that are exposed to conditions that are too moist. It starts as a fungus and is quickly prone to becoming bacterial as well. Raised water "blisters", and brownish colored ventral scales are tell-tale signs of this.
I have also heard of Providone Iodine, and/or soaking in hydrogen peroxide to be affective in treating these fungal infections. I also agree with the "other" Doug, and that this needs to be treated ASAP or it can become very serious in a short time. Many snakes have met their demise from this not being promptly treated.
Do as the other poster also mentioned, and remove the waterbowl, put clean dry newspaper down in the cage, and only allow it to drink periodically once a day or so while under your supervision so it won't crawl into, or spill the water...which will only make matters worse.
After a week or so of treating(soaking) in the medication mentioned above, you should start to see an improvement, but continue this for another week or so afterwards to make absolutely sure all the bacteria is killed.
I would also keep very close tabs on this for a good while afterwards as well, to make certain this doesn't reoccur.
good luck with this!, ~Doug
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"Better to be silent and thought a fool, than to open mouth and remove any doubt!"