For what it's worth, I brought a really good decanter of Absinthe back from Prague last time I went. If you drink it properly it actually tastes quite nice.
You need:
Absinthe

A short straw
Box of matches
Shot glass
Sugar spoon
sugar
Absinthe in the shot glass and sugar on the sugar spoon. Dip the sugar into the absinthe and soak it through. Light it with a match and let it dissolve through the sugar spoon into the absinthe. Drink the lot quickly through the short straw.
You get the heat of the absinthe and the strength but it brings out the liquorice taste of the drink.
Lovely! (and you'll still get paralytic

)
Edit:
This one looks decent
Double edit: I found this about the 'Bohemian Absinthe Ritual' - everytime I've been to Prague and drank Absinthe though I've never used the iced water
A modern travesty
Today, modern absinthes are often marketed in conjunction with the so-called Bohemian absinthe ritual. This is not a traditional method, but a modern innovation inspired by the success of flaming sambuca and such like. A shot of absinthe is poured into a glass, and a teaspoonful of sugar is dipped into it. The alcohol soaked sugar is set alight and allowed to burn until it bubbles and caramelises. The spoon of melted sugar is then plunged into the absinthe and stirred in, which usually sets the absinthe itself alight.
Ice water is then poured in, dousing the flames. This method, has become increasingly popular, especially since it was shown in the film “Moulin Rouge”, but is a historical travesty, and would have horrified any Belle Epoque absintheur.