Sure "agua"means "water" but I think in this case the singer was saying "Look out now!" as a heads up for the band rhythm solo . . .
Reading B1, Music, Listening or Seeing B1
Good observation. So that you know, this "agua" bit is very typical of Lucrecia when she sings her Cuban lively songs - it's a bit similar to the "olé" that you hear in flamenco singing for example, or an "esoooo" that you also hear in some salsa type songs in Latin America.
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