Water orbs are used to make water battlestaves and in Summoning; this gives very fast Crafting XP, so the orbs are always in high demand. They are made by taking them to the water obelisk located in the farthest reaches of Taverley Dungeon. The spell requires level 56 Magic and uses 3 cosmic runes and 30 water runes per orb (the water staff negates the need for the water runes, however.)
At the time I write this, charging water orbs is not a great moneymaker, for two reasons. First, water orbs are the least valuable of the four elemental types; and second, waterfiends drop them in large quantities.
It's decent money, though, and also gives significant amounts of Magic XP: 34k to 38k per hour. Still, you may be better off doing earth, fire or air orbs instead, depending on current prices.
At very high levels you can use the level 80 Agility shortcut in the dungeon that cuts about 30 seconds off each run, allowing you to make more orbs per hour. And at level 96 Summoning, the pack yak lets you make several dozen more orbs per hour.
With the June 2009 run energy update, energy restoration is no longer needed for this activity.
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