Drinking from springs/rivers?
Ah! That could work. However this would require that you only get thirsty in somewhat real time. If that weren't the case, then I fear there simply wouldn't be enough sources of water in the world. There is bound to be large areas in the game without a single puddle. Certain caves will also lack a water source. If you get dehydrated at a rapid rate, I fear hunting for a water source could really hinder the experience.
However, some people may love having to look for a water source. So I can see a mode being implemented where you would need to look for water/ask for some in towns and eat regularly. For the other reasons I mentioned, I still don't see a "limb damage" system working, but who knows. Also, a big point of Fallout: NV that I loved was that in hardcoe mode you did not die faster and enemies were not tougher. I think that should be all on the difficulty level and separate from a hardcoe mode.
So while I don't think it would be as extensive as Fallout's hardcoe mode, something could be implemented for food & drink.