The index of refraction of water (1.33) is greater than that of air (1.00).
With that said the index of refraction is related to the velocity of light by:
[tex]n = \frac{c}{v} [/tex]
where n is the index of refraction, c is the speed of light in a vacuum and v is the velocity of light in the medium.
As c is constant we can see that the speed of light in a medium is inversely proportional to the index of refraction
[tex]n \: \propto \: \frac{1}{v} [/tex]
therefore the medium with the lower index of refraction will have the greatest velocity of light (Air).