David - to answer the question you actually asked: do you mean a visible watermark to prevent screen capture, or an invisible one that allows you to track the image is it is used elsewhere? It's hard to tell, as I am not quite clear how the image is being used: we don't have cable where I live, so I have no idea how one might take the image.
If you want a visible watermark to deter printing - create a new layer and put your watermark text/image on that. Then adjust the transparency till you get a visible but not too obtrusive effect, and flatten the image. (By doing this, you may make it harder to select and remove the mark, as it isn't all one colour.)
For an invisible one - there are several services you can subscribe to for tracking images. For example,
http://www.digimarc.com/They don't prevent stealing - but I think you can set the mark so it interferes with printing as well as enabling tracking if used on the web.