But can it revive Link at death? I dunno.
A lot of people have been hoping for some sort of way to be able to have a script influence the game in the brief time between Link's health reaching zero and his actual death sequence. Even one or two frames could make a big difference.

Water (Magic?)
- Rusts armor (Changes Darknut tiles, reduces their step speed)
The first thing I thought of when I read this, is "This must be the water of time."

Are we talking regular water or magic water?

Following that thought, if you ever picked up "normal" water from a lake or something, could you do that, (Pick up normal water.) if you already had magic water? Would the (Supposedly infinite, for use in this example.) magic water be able to do everything normal water could do and more?

Sand
- Swing Bottle at Sand combo = 3 units - In which bottle? O.o As in, 3 for small, 9 for the medium, etc...
- Puts out fires - Aye. No problem with that, of course.
- Disarms statues (Kills "Shooter (Fireball)" enemies) - .. A little more believable, I guess...
- Irritates Patra, Digdogger and Gohma in some way - Oh this, I've gotta see.
- Changes all Bubbles into Fairies - ... what ...
- Awakens an Owl Statue - How.
- Turns non-water Zols to stone? - Now we're living in a fantasy world.
Replies in bold.