Two words of advice... be careful.
Water spots are one area that make me REALLY nervous. They can absolutely murder a paint job, but if you go too far in trying to remove them, you could be looking at a new paint job anyways.
Case in point... I had a gorgeous '96 Thunderbird Sport in Moonlight Blue, which I bought new (at night- never again). The next day, I noticed the hood & roof were heavily water spotted. Took it to the dealership & they said the pits were too deep to polish out. On further inspection, they added that the pits were a little too deep for color sanding to be a viable option. They said the only solution was to repaint the car. I was understandably nervous about this prospect, but checked the quality of some of their work in the lot & checked out the paint booth, so let them do it. Was a lot of orange peel at first, but their detailer knew what he was doing & managed to smooth it out without inducing swirls or buffer trails. It actually came out really nice. Unfortunately, the car got broken into at the dealership the night before I was to pick it up, so more paint & bodywork was to follow. Seems someone (at the dealership, I think) was rather fond of the $2k in electronics I had installed 2 weeks earlier.
To this day, I'm not sure if the dealership sold me a bill of goods on the car needing to be re-painted instead of color sanding. They may have just wanted a fat check from Ford... and I bought into it. Was a valuable lesson. Nowadays, I'd do some serious checking into the thickness of the clear coat (& maybe investing in a thickness gauge) before I did anything. And of course, I haven't lived anywhere since that did NOT have a garage. And of course, NEVER park were water from sprinkler heads can get anywhere NEAR my paint. Best of luck tho...