Advantages:
Fire - Water is strong against fire due to it being able to extinguish the flames with great ease, this also depends on the size of the flame against the water as a large enough blaze could withstand the water & even slowly evaporate it.
Disadvantages:
Earth - Due to the solid structure of Earth, Water is mostly rendered ineffective due to it being unable to break it apart or cause any damage to the structure itself, Earth dependent on the size is also easily able to over power Water & even crush its very form.
Others:
Lightning - Not placed as an advantage to the element, Lightning & water work better together than against. Water helps amplify the lightning on contact helping it give off a much more powerful shock & in some case spreading the size of the Lightning Jutsu without weakening the Technique itself.
Wind: As used by in the Naruto Manga, Wind adds to the force given off by a Water Jutsu, adding extra pressure to the attack rather. When used against Water, depending on each Jutsu & Rank, Wind (on collision) can forcibly spread the water out breakign it apart which would lead to such an effect as having the water sprinkle throughout the field.
Boil Release - Is a mixture of Fire & Water Release, it causes a similar effect to steam but with much more damaging properties. As seen, it is used to melt almost any object it makes contact with & can also burn the opponent on contact. when spread in a confined area, it causes the opponent to almost suffocate due to it "burning" of the surround oxegen with aid to the moisture within the air.