Let's see... Yes, lightning was treated as a fireball at the point of detonation in 2e.
I ruled that in water, Electrical spells have twice the area effect and give those in the area of effect a -2 to their Ref saves, since it's *Really* hard to dodge that.
I figure fire spells would be halved with damage. Acid... I don't know about that, because you can have acid in water, ne?
Sonic, definet on the double area.
Gas doesn't work. Look at Obscuring Mist, Fog Cloud, etc. However, the caster creating a spell to 'Cloud the water' or make it very dingy, I could see that happening. Perhaps allowing something like Glitterdust aswell, that would twist the light reflection in the water, or allow the water to flow more obvious over the invisible target.
I think a caster should be able to cast spells underwater with Waterbreathing. Maybe not as well, but if they were say... naked, I don't think cloths would hamper them.
As to about Components, I think it depends on the component. A feather, although soggy, will work, as would some bat quano and sulfer (Though it get very squishy). However, things like Powders, and that much couldn't be used since it'd just float away.