I did this, and let me tell you, it was amazing.
I washed my glove out on the insider before I did it, and then I wrapped it up in the towel and did everything normal (use two elastics, one to hold the towel together and one on the glove), and when I pulled it off my dick the first time, little drops of water came out, like a pussy. It was great. Thanks!
What i used to do was take a fairly large ziploc bag, and put in 4 or 5 water balloons (not too big though, just big enough to fit in your palm. Then lube it up, put it on the ground and fuck it. But put a towel or two underneath as the balloons can pop. Mind you when they do pop it feels really cool.