water, waters

Definition:

In addition to its primary meaning, "water" also often refers to a body of water, such as an ocean, sea, lake, or river.

The term "waters" refers to bodies of water or many sources of water. It can also be a general reference for a large amount of water.
A figurative use of "waters" refers to great distress, difficulties, and suffering. For example, God promises that when we "go through the waters" he will be with us.
The phrase "many waters" emphasizes how great the difficulties are.
To "water" livestock and other animals means to "provide water for" them. In Bible times, this usually involved drawing water from a well with a bucket and pouring the water into a trough or other container for the animals to drink from.
In the Old Testament, God is referred to as the spring or fountain of "living waters" for his people. This means he is the source of spiritual power and refreshment.
In the New Testament, Jesus used the phrase "living water" to refer to the Holy Spirit working in a person to transform and bring new life.

The phrase, "draw water" could be translated as "pull water up from a well with a bucket."
"Streams of living water will flow from them" could be translated as "the power and blessings from the Holy Spirit will flow out of them them like streams of water." Instead of "blessings" the term "gifts" or "fruits" or "godly character" could be used.
When Jesus is talking to the Samaritan woman at the well, the phrase "living water" could be translated as "water that gives life" or "lifegiving water." In this context, the imagery of water must be kept in the translation.
Depending on the context, the term "waters" or "many waters" could be translated as "great suffering (that surrounds you like water)" or "overwhelming difficulties (like a flood of water)" or "large amounts of water."