Old English wæter, from Proto-Germanic *watr- (source also of Old Saxon watar, Old Frisian wetir, Dutch water, Old High German wazzar, German Wasser, Old Norse vatn, Gothic wato "water"), from PIE *wod-or, suffixed form of root *wed- (1) "water; wet."
To keep (one's) head above water in the figurative sense is recorded from 1742. Water cooler is recorded from 1846; water polo from 1884; water torture from 1928. Linguists believe PIE had two root words for water: *ap- and *wed-. The first (preserved in Sanskrit apah as well as Punjab and julep) was "animate," referring to water as a living force; the latter referred to it as an inanimate substance. The same probably was true of fire (n.).
late 14c., from spout (v.). Cognate with Middle Dutch spoit, North Frisian spütj. It was the slang term for the lift in a pawnbroker's shop, the device which took up articles for storage, hence figurative phrase up the spout "lost, hopeless, gone beyond recall" (1812).
<a href="https://www.etymonline.com/word/waterspout">Etymology of waterspout by etymonline</a>
Harper, D. (n.d.). Etymology of waterspout. Online Etymology Dictionary. Retrieved $(datetime), from https://www.etymonline.com/word/waterspout