Instant, U (1)
Uncommon
Choose one — Counter target spell if it's red; or destroy target permanent if it's red.
"Heed the lessons of our time: the forms of water may move the land itself and hold captive the fires within."
—Gustha Ebbasdotter,
Kjeldoran royal mage
Illus. Kaja Foglio

10/4/2004: The decision to counter a spell or destroy a permanent is a decision made on announcement before the target is selected. If the spell is redirected, this mode can't be changed, so only targets of the selected type are valid.
9/16/2007: Note that Hydroblast can target any spell or permanent, not just a red one. It checks the color of the target only on resolution.
9/16/2007: If there are no legal targets for either of the modes, you can't choose that mode.
Legal in Vintage (Type 1)
Legal in Legacy (Type 1.5)
Legal in Classic (MTGO)
Legal in Commander