Pull the carbs out and clean them all. Purge carb all inlets, air holes jets and everything you can uncrew. Make sure everything is free of clog. Like all says above, its likey a carb problem causing not to start. I would do so ASAP before all get rusted and eaten away. Take your time and do one carb at a time, try not to touch the air pilot or remember the possition by closing snug clockwise and make note of the turns to the 16th of a turn. Some models are plugged but can be unpluged.
Water issue? how does it get there is the thinker. Either condensention or water gets in for some reason. On a zx7, theres a vaccum line next around your fuel cap, open it or take it off(screws of allens)and you may see it. Its routed to your air cleaner(maybe under passenger seat) going to your carb so trace it and see if water comes from there. See if your air cleaner is heavy and may be filled with water also..
Oil mostly contaminated with water (check sight glass for level and color, creamy white color is not good sign), i would drain, refill and fulsh it at least twice.
Please keep us posted!
Good luck..
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