Hello, Lori!
According to the
Walt Disney World online ticket page, your 5-Day Magic Your Way Ticket with both the Park Hopper Option and the Water Park Fun & More Option entitles you to 5 visits to the water parks as well as Disney Quest. While your Park Hopper Option allows you hop from park to park on any
given day, using only one park ticket entitlement, that is not the case
with the water parks and DisneyQuest.
There is note on the above-listed site, however, which explains the following:
"Please note, visiting multiple venues in the same day will use one Water Park Fun & More entitlement for each venue visited. For example, if you visit Disney's Typhoon Lagoon Water Park in the morning and DisneyQuest Indoor Interactive Theme Park in the evening, you will use 2 visits from your Magic Your Way Ticket."
I hope this clarifies things for you!
Have an absolutely magical visit to Walt Disney World in July! Please send any additional questions as you think of them! We love to help!