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Why not buy a fountain or water fall for your living room? After the holiday season, you can find a lots good sell in the stores. Look for a fountain or waterfall that goes well with the rest of your living room furniture. The flowing water invigorates the positive Chi in your living room and positively influence the rest of the house.
The idea place is the wealth corner but it is not necessary. Anyone of your good directions will do. You can also place your fountain at one of the direction that relates to an element you need a bit help. The most important part of choosing location for the fountain or waterfall is it should first be in harmony with the existing furniture in the living room. It it does not look fit, it is not going to fit.
If you are not very sure about the shapes of the fountain or waterfall, a round or oval fountain is preferred. This is to avoid some unexpected pointing corner to some direction that you are not sure.
Fengshui is all about harmony and balance. If it does not look harmonic and balanced, it is probably not. Use your own judgment and common sense.