Hi Chelsey!
The Water Park Fun and More option is a great deal, in my opinion.
Basically, if you have a 5-day ticket with the Water Park Fun and More option, then each person will also have five admissions into the following; Blizzard Beach, Typhoon Lagoon, DisneyQuest, ESPN Wide World of Sports Complex, and a round of mini-golf (played before 4:00 p.m.) at the miniature golf locations at Walt Disney World.
You can use those five admissions anytime throughout your trip. When you first activate your tickets, you will then have 14 days to use your theme park admissions and your water parks and more admissions. The water parks and more option does not allow for "hopping". Meaning, if you go to a water park in the morning and to DisneyQuest that evening, it will subtract two admissions from each ticket.
Here is a link to
buying tickets at Walt Disney World. If you scroll down to number "3" on the menu, there is a link to click on to "learn more" about the Water Park Fun and More ticket and how it works.
I hope this helps! Please let me know if you have any other questions.