Cleveland Heep, a helpful and friendly janitor, employed in an apartment complex meets the aquaintance of a mysterious, young woman who saves his life after nearly drowning in a pool. Going by the rather odd name of "Story", she states that her presence is explained by the fact that she is looking for a very special person, whom she is supposed to inspire to write a book, that would change the world for the better. Hunted by the forces of evil, she longs to go home with Cleveland and some chosen tenant's help after completing her task.
Sixth Sense director M. Night Shyamalan based this movie on a bed-time story, he invented for his children. Its attributes of a fairy-tale soon become apparent, although it is mainly addressed to adults as a message of hope and that everyone has a purpose in life. In order to help the princess from the ocean to get home, Cleveland needs the help of some chosen people: a healer, a guardian, an interpreter and a guild. The better part of the movie is about finding these people, assigning meaning and purpose to everything and everyone.
Lady in the Water is a fairy-tale for adults which tries to be convincing as a message to find your real purpose and that certain, and maybe excentric people have hidden strenghts that will eventually contribute to the greater good of everyone.
All the actors are superbly casted and Shymalan's innovative camera angles contribute greatly to the movie's enjoyment. However, the story does show some plot-holes and tries to sell for more than it is worth.
On the whole, if you enjoy Shyamalan's movies you won't waste your time. If not, you may encounter a rather puzzling movie you won't quite get your head around.