The Brownian dynamics of an optically trapped water droplet are investigated across the transition from over to under-damped oscillations. The spectrum of position fluctuations evolves from a Lorentzian shape typical of over-damped systems (beads in liquid solvents), to a damped harmonic oscillator spectrum showing a resonance peak. In this later under-damped regime, we excite parametric resonance by periodically modulating the trapping power at twice the resonant frequency. The power spectra of position fluctuations are in excellent agreement with the obtained analytical solutions of a parametrically modulated Langevin equation.Parametric resonance provides an efficient and straightforward way to pump energy into an underdamped harmonic oscillator [1]. In general, if the resonance frequency of an oscillator is dependent upon a number of parameters modulating any of these at twice the natural oscillation frequency parametrically excites the resonance. Such behavior leads to surprising phenomena in the macroscopic world (pumping a swing, stability of vessels, surface waves in vibrated fluids) [2,3]. On the microscopic scale, where stochastic forces become important, one refers to Brownian parametric oscillators [4]. As an example, the parametric driving of Brownian systems has been shown to be at the origin of some peculiar behaviors such as the squeezing of thermal noise in Paul traps [5]. Parametrically excited torsional oscillations have also been reported in a single-crystal silicon microelectromechanical system [6]. What makes parametric resonance useful is that in many cases it is easier to modulate a system parameter rather than applying an oscillating driving force. Moreover, for finite but low damping rates, we may never reach a stationary state with the damping forces dissipating all of the input power and consequently the amplitude of oscillations diverge. Optically trapped microparticles constitute a beautiful example of Brownian damped harmonic oscillator (DHO) and they are becoming an increasingly common tool for the investigation of different fields of basic and applied science [7]. The possibility of pumping mechanical energy into optically trapped particles could open the way to many applications. In optical tweezers, even though it is easy to periodically modulate the laser power, parametric excitation is usually ineffective because of the heavy damping action of the surrounding fluid.Recently it has been reported that modulating the laser power at the parametric resonant frequency in an overdamped system increased the amplitude of mean squared fluctuations [8]. However, these findings have been difficult to reproduce and are in strong contrast with the prediction of Langevin dynamics [9,10,11].In this Letter we show how parametric resonance can be excited in optically trapped water droplets suspended in air, due to the reduced damping force. We measure power spectra of position fluctuations and find an excellent agreement with the theoretical expectations based on Langevin dynamics with a param...