I slice my tee shot into a lateral water hazard and decide to play the shot from there. I hit the ball and it disappears into the water, inside the hazard.

May I go to the point where the ball last crossed the margin of the hazard and drop a ball within the allowed 2 club lengths, add 1 penalty stroke, and hit 4? OR

Am I penalized an extra stroke because having played from the hazard, my only other option, other than taking the ball out of the hazard, would be stroke and distance? I would then be hitting 4 from the hazard or 5 from outside it.

May I return to the tee? Would I be hitting 4 or 5 if I do?

Thanks