Well water is the result of combining Hydrogen and Oxigen creating water O_O
Ninjas can use this element from pre-existing water or by making water with the help of chakra, the water element it's mostly use as a defensive technique gainst the fire element, I can say this because of all the battles I have seen only one person has used the water elements at it's best and that's Izuna Uchiha, other members only used water when fire it's coming at them. -.-'
The best Range of the water element would be Short and Mid range not long because it will take to much time to create the water and to get near the opponent.
The water element is strong against the fire element, by logic -.- and its weak against the earth element, and its a very compatible with other elements tha could be
water/earth to make mud
water/wind to increse the offensive level of water or make hurricanes
water/lightning to make lightning travel through the water and shock the opponent greatly
water/fire to make the steam element
does this answer your questions O_O