Ginger is correct. No matter what color he is, it is important to have these lumps diagnosed.
Lumps nothwithstanding, excessive drinking in and of itself can be a sign of disease. It can signify diabetes or kidney failure so it's VERY important to get him to the vet to have some bloodwork done to get to the bottom of the excessive drinking. At this point, that would be more worrisome to me than the lumps, although they need to be looked into as well.
White dogs (and cats, as well as horses and cattle who have white faces) are more prone to squamous cell carcinomas (skin cancer) from exposure to the sun's ultraviolet rays. Other color dogs who spend a lot of time outdoors sleeping on their backs also develop these cancers on their bellies because the relatively hairless area is exposed to the sun when they lay on their backs to sleep outside. So it's not the fact that your dog is white that makes him more susceptible to cancer. If he is a house dog who only goes outside a couple of times a day long enough to pee and poop he stands no more of a chance of getting cancer than any other dog. If he is an outside dog, however, then his color does make him more susceptible to developing skin cancer, but as far as other types of cancer, again, he is no more susceptible than any other dog. Some BREEDS are more susceptible than others because of their breeding (certain types of cancer have been found to be genetically carried) but this is not true of all breeds either.
Ghilly
It is important to bite the bullet and take him in to the vet for these lumps to be checked.
His excessive drinking also has to be addressed. It could be caused by a number of things....kidney insufficiency, or diabetes (which, if caught nice and early respond very well to treatment) Or there may be another cause, but it is best it is discovered quickly so treatment can be started.
He will need a full blood-count. And he will need those lumps checked. They may need needle-biopsy (fine needle aspiration), or some other diagnostic technique. If a needle biopsy is recommended, it is very quick (takes about 5 minutes) and relatively painless and if your vet's office has lab facilities, you may get the results within an hour or two.