That could be too much water for many people, depending on your weight.
According to http://www.ivillage.com/food/experts..._17843,00.html
Too much water in our system causes the dilution of essential electrolytes in our blood stream, which has implications for control of heart beat. My recommendation is 8-12 cups of fluid, combined with additional fluid to support exercise or hot conditions. If you're drinking more than this, consult your physician.
However, I've also read many references that say this condition is very rare and drinking large amounts of water is safe for most people.
In my personal opinion, I'd say drink at least 8 glasses, and don't be afraid to drink more if you are thirsty. However, I wouldn't push to drink more than your body craves, since it doesn't appear to do any good.
ABC News: No Consensus How Much Water One Ought to Drink