I too had this water problem. I deleted the files and downloaded new. The download said 1.06 not 1.5 My system information confirmed it was the 1.06. Now I can't continue my Stormcloak's quest to the island because it is NOT there. The graphics just fall off, like a waterfall, just past Winterholden. If I try to continue I fall into the water but can't get out. When I go to Whiterun I have no buildings just floating doors. When I try to fast travel to Wreck of the Pride of Tel Vos, I return right back to where I was. When I fast travel to Windhelm, it looks like I am falling from the sky and I die when I land. How do I fix these problems?