Hi Michael,
Thanks for visiting with your question. We want to make sure you make the most of your vacation!
Because you have
5-day tickets with the Water Park Fun & More Option added, you'll have admission to 1 theme park per day plus an additional 5 visits to enjoy other select Walt Disney World destinations including the water parks!
Each time you enter one of the four theme parks, you will use one of your theme park tickets and each time you enter a water park, you will use one of your Water Park Fun & More visits. So to answer your question, yes you may go a water park in the morning and spend the afternoon at Magic Kingdom. Or you may alternate theme park days with water park days. It's up to you!
The Park Hopper Option only applies to spending time in more than one of the four theme parks (
Magic Kingdom,
Epcot,
Disney's Hollywood Studios, and
Disney's Animal Kingdom Theme Park) in one day. The water park visits are essentially tickets to those other Walt Disney World destinations.
I hope this information helps you plan a splashtacular vacation, Michael. Please let us know if you have any other questions.
Happy planning!
Andrea U.