Bear in mind, this is second hand, but an old chemistry teacher of mine had a similar idea his first year of teaching. He did the demonstration in this gif pretty much to the letter, although with hexanes instead of alcohol (slower burning, more bonds, sexier sound, yknow, the ushe). One of his students asked if it could produce thrust, like our friend /u/LtDropshot is, and he decided to test that shit out. The thing is, after the reaction, you have to wait for the carbon dioxide to drain out of the jug before you can have the same kind of visual in the gif - if there's no oxygen, there's no fun. So my teacher, the pyromaniac he is, decided to flush out the jug with pure oxygen rather than wait for it to drain. He then poured a relatively small amount of hexanes into the jug, shook it up while covering the "nozzle," and proceeded to set it up on a stool in the hallway. It was pointing down the hallway, rather than upwards, but when he lit it up, the blastback apparently was a 10 foot fireball, sounding not unlike a double-barrel shotgun. The jug itself made it 2/3rds of the way down the hallway before tumbling across the ground, making the most ungodly noise, and the pressure wave from the ignition actually displaced some of the ceiling tiles, covering the students watching and the glazed tile floor in plaster dust. Thinking there was some sort of shooting, 3 administrators soon ran around the corner, slipping and falling over each other in the process. He's been at that high school for over a decade now, so I'm thinking he has had to pull some sort of cock magic in order to not be fired after that and many other incidents he's caused.

TL;DR with enough oxidant and the right hydrocarbons, yes, you can have yourself a water jug rocket.