Hah -- I have to reply to this because I'm probably one of the few people who knows where this is. In a word, no. Not much in that area to be found -- especially when you say "can't purchase in Wisconsin." The best place I ever found to get some good beer anywhere near that area is right on Highway 141 just between Iron Mountain and Florence. There are 2 truck stops next to each other on the west side of the highway -- one or the other has a good selection of beers -- or used to, anyway. Other than that, Eagle River or Ontonagon are probably your best bets for finding anything. There are good spots in Marquette, but that's way outta the way.
Yeah...if you're up for a jaunt go to White's Party Store in Marquette or Sav-Mor IGA in Escanaba. Nothing in Watersmeet, though. You going on a road trip to check out the Paulding Light or something?
Was thinking that Houghton is probably closer to Watersmeet than Marquette or Escanaba, though still a jaunt, but you can find some good -- different stuff there. The Library brew-pub and Keweenaw Brewing are both in Houghton.
If you go south on 45 to Phelps Wi. about 5 or 10 min. there is a small downtown area with a small grocery store (IGA ?) They have New Glarus and i can't remember what else, not a whole lot other than the BMC type of stuff.
Trigs in Eagle River has an above average selection and would be worth the 25 mile trip from Watersmeet.