The ideal urine color is a yellowish straw color, but clear urine typically indicates that you are extremely well hydrated. Nevertheless, as with most bodily functions this is not always the case. Clear pee can also mean that you are dangerously over-hydrated or even diabetic!
The first of these issues should be fairly clear - if you are drinking an exorbitant amount of water and feel sick and bloated, you should probably listen to what your body is telling you and stop. The latter of the two may not always be so obvious. If you are urinating often and drink a lot of water but constantly thirsty, you are likely to be suffering from diabetes. In that case, we would recommend a visit to your doctor.