Vijay Rangaiah and Sharadindu Mohanty present SPI - WATS, an open source web automation testing framework that provides test management, manual test case development, traceability from test cases to automation tests, and continuous test execution of automation suites for builds. SPI - WATS uses open source tools like Selenium for automation, Test Link for test management, Java for the framework, MySQL for the database, Apache Tomcat for hosting results, and Jenkins for continuous integration. It provides a cost-effective solution for clients by using open source tools for test management, continuous integration, and automation, with benefits like portable scripts, no manual dependency for running tests, faster time to market, and scalability.