We report measurements of propagating capillary waves on a liquid water surface at T=5 degrees C with x-ray photon correlation spectroscopy. The experiment has been performed under grazing incidence conditions with an incoming x-ray beam below the critical angle of total external reflection. In the q region investigated the measured intensity-intensity autocorrelation functions of the liquid water surface were found to be heterodyne signals, i.e., a combination of first- and second-order correlation functions g(1)(tau) and g(2)(tau).