To access the trailhead, drive south and west from White Rock on NM 4 for about two miles. I accessed the canyon from Gate #7, which is below road grade and not visible from the road. Park on the south side of the road across from a gate to LANL property to avoid hassles from laboratory security. Proceed through the gate and walk southeast on the well-marked trail.
The blue path shows the standard route along the north rim of Water Canyon. Good views across the Rio Grande are available at the end of this route. To access the floor of Water Canyon, follow the drainage where the trail crosses Broken Mesa Trail. Proceed down the drainage along the orange path, which involves some easy walking, modest rock hopping and downclimbs, and bushwhacking through some trees and brush. The variety makes for an interesting hike. I stopped at the pour off a couple hundred yards short of the Rio Grande where there are good views of the river.
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