WATER is a hinge word: 3 words make a compound in front of it and 4 make one after it, so it can sit in the middle of a chain and hold two compounds together at once.
Each of these makes a compound ending in WATER.
Each of these makes a compound starting with WATER.
WATER is a substance, a place and a verb, so it hinges evenly. BACKWATER, RAINWATER and UNDERWATER locate the water; WATERFALL and WATERWAY describe what it does or where it goes; WATERBED just uses it as a material.
Put any word from the first list in front and any word from the second behind, and you have a three-word chain in which both neighbouring pairs join. Here are some of them.
BACK → WATER → BED — backwater and waterbedRAIN → WATER → FALL — rainwater and waterfallUNDER → WATER → MAN — underwater and watermanKEYSTONE is a free daily puzzle built entirely out of chains like these. You get the two ends and have to fill the two words in the middle. Three bridges a day, no account, no cookies.
Each of these has a page like this one. There is also an index of all 54.
AWAY · BACK · BALL · BED · BLACK · BOARD · BOOK · BOY · BREAK · CHECK · DAY · DOOR · DOWN · FALL · FATHER · FIRE · GROUND · GUN · HAND · HEAD · HOOD · HOUSE · LAND · LESS · LIFE · LIGHT · LINE · LOAD · MAN · MOTHER · NIGHT · OFF · OUT · OVER · PAY · POINT · POST · POWER · ROOM · RUN · SHIP · SIDE · SOME · STEP · SUN · TAKE · TIME · TURN · UNDER · WALK · WAY · WOOD · WORK