Hello Eileen,
It sounds like you are true Disney fans! I like to hear that. With all that Walt Disney World has to offer, it is always fun to see and do new things each and every trip. With that said, I think you would really enjoy trying out the water parks, Disney's Typhoon Lagoon and/or Disney's Blizzard Beach. Both are chock full of fun in their own theming and style.
July will be a very popular time to visit the water parks simply due to the weather and time of year. However, I still think you can enjoy them with a little planning. My recommendation would be to get there first thing in the morning when they open. This way, you are able to find a prime spot for seating and your belongings.
You can also enjoy the pool at your resort as well. Don't forget that the Water Park Fun and More option also includes other activities/places as well, such as miniature golf at either
Winter Summerland or
Fantasia Gardens and Fairways,
ESPN Wide World of Sports complex, or
DisneyQuest Indoor Interactive Theme Park.
So, as you can see, you'll have tons of options to explore for the first time, even though this won't be your first trip to Walt Disney World.
Have fun!
~Allison L