Often shouted by crews when they are racing towards a marker and feel they are being obstructed from rounding the marker because another boat is not allowing them enough room. if you are racing you will soon become familiar with this term - if you don't someone will advise you afterwards in no uncertain way. If you are a recreational sailor and someone shouts "Water!", look around you and see what it is that you could be obstructing them from doing and give them plenty of space.
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