Well, lightning release is, as you said, one of the basic five elements. The thing about elemental chakra though, is that it doesn't exist. It's simply formed by manipulating regular chakra into a different form, and giving it certain properties. We then form jutsus based around those properties. Then, there you go, you've made an element. For instance, Lightning is simply made by having your chakra vibrate to such an extent that it gains electric properties. You can use water to enhance the effects of lightning, because water is what we call aa conductor. That's because of all the minute molecules, and materials which exist in most forms of water. Distilled water - which is pure water with nothing in it - actually won't conduct electricity. Lightning's interaction with matter is dependent on whether the substance is a conductor, or an insulator. Insulators are awful at conducting electricity. That's the reason wind is strong to electricity, it acts like an insulator. Conversely, water is a great conductor of electricity.
Lightning is one of the 'flashiest' elements, and it'll be easy to see or hear it coming. It's fast, and it's destructive. If you can hit your opponent with a lightning Jutsu, it's pretty much game over.
Now as a question to you, can you tell me how you think fire and lightning would interact? And how would you use them together?