Have you tried changing your renders? You can go into options > video > rendering subsystems and click either Open GL or Direct ( depending on the one you're currently using ) and seeing if that helps. If that doesn't help then maybe a quick uninstall / reinstall can get it to work again... might be a glitch?
It's probably a glitch >:
I've already tried switching rendering systems, and redownloading the default configs and textures for the water. I's not that big of a deal I guess, just won't have pretty water :(
Awh, I'm sorry to hear. Hopefully it'll clear up or there might be another solution for your predicament. Good luck o;