Originally Posted by Ernest Jones
I think the easiest way to understand it is this, if the ball is Lost or OB, it's gone. Disappeared. Ceased to be. If it's in a water hazard it's still in the course and "findable" but completely unplayable because it's under water. Nothing in the rules prevents you from putting on SCUBA gear and going to find it (provided you can do so in 5 mins or less) but once you find it you won't be able to play it. So the penalty for being in the water hazard is basically taking an "unplayable lie".
I'm sorry to say it but this at the least simply going to confuse and at worse mislead. That's a polite way of saying that your "explanation" is nonsense.
For a start, a ball in a water hazard is not completely unplayable even if it is in the water, and might well be in a dry lie. One of your options if your ball is in a water hazard is to play the ball as it lies. It is not that uncommon to play out of a water hazard. It is not unknown for a player to play a ball that is under water.
Also, if you decide to take relief from a water hazard under penalty, the options are different from taking relief from an unplayable ball and most importantly, the point of reference for a drop is completely different.
There is more than one way in which a ball is "lost" in terms of the Rules. Take a look at the Definition of a lost ball and you'll see. It is not the same as ball that is out of bounds.
A ball that is out of bounds has not gone, disappeared, ceased to be. It could be there, right in front of your very eyes and inviting you to make the mistake of playing it.
In the end, I don't think there is anything right in what you have said.