All the water in the world would be replaced. The Item would still keep us alive.
I'd replace water with bacon, because bacon
[spoiler]I know that almost everything in the world requires water, but lets forget about that point for now. [/spoiler]
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The Sun, so it would be easier to praise \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/ \|T|/