You are correct, out-of-bounds is a stroke and distance, meaning if you hit your ball OOB from the tee, you re-tee hitting your 3rd shot.
Lateral v. Water Hazard (probably one of the most misunderstood rules).
If a Water Hazard (not lateral), you have two options:
1. Hit as close as possible to where you played your original ball with a penalty of one stroke.
2. Hit behind the water hazard, keeping the point of entry into the hazard directly between your ball and the hole (you may go back as far as you want on this line) with a penalty of one stroke.
If it is a Lateral Hazard, you have the above two options, PLUS you may either:
3. Drop the ball within 2 clubs lenghts of the spot where the ball crossed the point of entry, but no closer to the hole, with a penalty of one stroke.
4. Drop the ball within 2 club lengths of the spot that is on the opposite side of the hazard and equidistant from the hole, with a penalty of one stroke.
As for provisionals, you need to continue to play until you know you are in the fairway -- that will help speed things up and avoid a situation where you need to make the long walk back to the tee.
Also, check to see if the tournament requires you to play "one ball" -- this is not in the rules of golf (I believe), but some tourneys require that you do so.
Good Luck!!!!!!!!!!!