Water relates to unconcious emotions. Dreaming of water may mean that you are reaching down and getting to the depth of your feelings.

Stormy waters may relate to turbulent emotions while tranquil seas could suggest placid feelings.

Finding yourself beneath water or waves may indicate that you are drowning in your emotions. maybe overwhelmed.

According to Frued,(note that I don't fully agree with this theory) water realtes to sexual matters, ususally female genitalia.