Originally Posted by powerlefty
I think you have several options...
1. Play it as it lies (may require a snorkel and flippers though), or
2. Hit your third from the tee, or
3. If Yellow stakes (water hazard), drop the ball on the line from the hole, passing through the point where the ball last crossed the margin of the hazard and no closer to the hole and keeping the point wher the ball crossed the hazrd in front of you. or
4. If Red stakes (lateral hazrd), you can any of the above or you can drop the ball within 2 clublengths of the point where the ball crossed the hazard no closer to the hole. Additionally you can also drop the ball within 2 clublengths of a point on the other side of the hazard equidistant from the hole as the point where the ball crossed the marggin of the hazard - all no closer to the hole of course.