Dehydration is a condition that can occur when the loss of body fluids, mostly water, exceeds the amount that is taken in. With dehydration, more water is moving out of individual cells and then out of the body than the amount of water that is taken in through drinking. Low blood volume shock (hypovolemic shock). This is one of the most serious, and sometimes life-threatening, complications of dehydration. It occurs when low blood volume causes a drop in blood pressure and a drop in the amount of oxygen in your body.