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RULE 27-1:
If a ball is lost or out of bounds, the player must play a ball, under penalty of one stroke, as nearly as possible to the spot where the original ball was played.
RULE 26-1:
If the ball is in or lost in a water hazard (whether the ball lies in water or not), the player may under penalty of one stroke:
a. Play a ball as nearly as possible at the spot from which the original ball was last played (see rule 20-5); or
b. Drop a ball behind the water hazard, keeping the point at which the original ball last crossed the margin of the water hazard directly between the hole and the spot on which the ball is dropped with no limit to how far behind the water hazard the ball may be dropped; or
c. As additional option savailable onl if the ball last crossed the margin of a lateral water hazard, drop a ball outside the water hazard within two club-lengths of and not nearer the hole than the point where the original ball last crossed the margin of the water hazard or a point on the opposite margin of the water hazard equidistant from the hole.
You can also play the ball in the hazard, but you may not ground your club before making contact with the ball, treat this as a bunker.
The first rule answers your question about the out of bounds. I think you mean if the ball is on another hole or fairway you can still play it without any penalty as long as the ball is within the white stakes.