I guess this is the shot you were referring to?
Yep. There are others, but that one came to mind first.
I've had a lie where the ball was 2/3 of the way submerged under water and I removed my shoes and socks, rolled my pant legs up and went in to play the ball.
It was just friendly competition, but bragging rights are sometimes worth it.
I hit a crappy shot out of the water BTW. I may as well have just taken the penalty stroke the way it turned out. lol
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.
Yes, I was definitely simplifying. Just trying to demystify why OB/Lost is stroke and distance and water is one stroke as a lot of people have trouble accepting/understanding the differences. Also, I realize you can play out of hazard should you choose to do so, just as I can choose to hit my ball off a pile of rocks rather than take an unplayable. Was only trying to clarify why OB/Lost carries the extra penalty of distance, that's all.