The statis of water as the life of all creatures is probably the main reason they would dislike it. I don't know that they did especially fear it. It was only after they started to cross the Bruinen after Arwen that they were washed away by Elrond's flood. They just didn't like it, that's all.
One thing that is kind of an interesting thought. Could the Nazgul drown? They aren't alive, I know, but they could still be defeated in a way, like in Eowyn's case. Could they have been greatly lessoned by being underwater for a time?
But then why fear fire, also? They had no flesh, so it wouldn't make sense that they would fear being burned. It just doesn't make sense.
Maybe if you take a different look at this, it might make more sense. They lived mostly in the shadow world. Water and fire may have existed and appeared differently in the shadow realm. I know that elves appear in radiant glory and that mortals appear as shadows, but what of fire and water. They might have been much more dangerous in that world than what we would think.
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