Artists, musicians and labels -- including Bloc Party, Mystery Jets, The Rakes, Erol Alkan, Imogen Heap and David Usher -- will be donating their music for download and streaming from February 5th to 19th.
The tracks will be available at the twestival.fm site where music fans are invited to make a voluntary payment in a unique charitable take on the "pay what you want" or tip model made successful last year by Radiohead with the launch of their last album 'In Rainbows'.
Participating cities include London, New York, Fargo, Cardiff, Beirut, Cape Town, Shanghai and Lima.
Organisers are hoping for more signed and unsigned artists to contribute after the launch on February 5.
Heap (@imogenheap) said: "Really loving Twitter. I'm excited to be part of Twestival.fm and I'll hopefully help raise some funds in the process."
Twestival.fm has been put together by a team of volunteers who wanted to extend to use the full power of social media for a good cause.
The project is being overseen by event organisers Madhouse Collective.
All track donations, music streaming and MP3 downloads are being handled by the SoundCloud platform which allows audio and music professionals to move music around the web.
Donations can be simply made using tools provided by Tipjoy.
Tippers need only enter their Twitter username to leave as much or as little money as they like.
Ivan Kirigin, Tipjoy co-founder, said: "Tipjoy is a great platform for making micropayments on Twitter and for tipping musicians. I'm really excited to see the Twestival.fm team making use of all the tools at their disposal to raise awareness and support charity: water."
Charity: water is a non-profit organization founded in 2006 and focused on bringing clean, safe drinking water to developing nations.