Latin aqua 'water' < *akw-ā (f.) is an interesting word with correspondences in Germanic *áxwō 'river' (Gothic ahwa, Old High German aha) as well as Celtiberian akua, whose meaning is probably 'river' (cfr. tar akuai 'across the river' in Botorrita III1). Contrarily to what many scholars think, its original meaning isn't 'water' but 'river'2 and belongs to the Old European Hydronymy (OEH), a corpus first studied by Hans Krahe and more recently by Francisco Villar and which represents an older form of IE than the historically attested languages3.
Apparently, *akʷā would be a derivated noun from the adjective *aku- 'quick, fast', found in Latin acupedius 'swift of foot' and accipiter 'hawk', the latter with cognates in Greek ōkýpteros, literally meaning 'swift flyer' (ōkýs 'swift', pterón 'wing'), and Sanskrit āśu-pátvan- 'flying swiftly'4. These correspondences suggest Paleo-European *aku- would correspond to late IE *ōḱu- 'quick' > Latin ōcior.
Apparently, *akʷā would be a derivated noun from the adjective *aku- 'quick, fast', found in Latin acupedius 'swift of foot' and accipiter 'hawk', the latter with cognates in Greek ōkýpteros, literally meaning 'swift flyer' (ōkýs 'swift', pterón 'wing'), and Sanskrit āśu-pátvan- 'flying swiftly'4. These correspondences suggest Paleo-European *aku- would correspond to late IE *ōḱu- 'quick' > Latin ōcior.
On the other hand, the geminate stop in accipiter would be the result of a sound shift -kʷ- > -kk- which I call Kretschmer's Law and of which are examples in Italoid (e.g. the Lusitanian theonym Iccona) and Celtic (e.g. *sukko- 'pig'). There're also traces of it in Vulgar Latin 'water', as reflected in the Appendix Probi (aqua non acqua).
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1 P. de Bernardo Stempel (2007): Water in the Botorrita Bronzes and Other Inscriptions, in Palaeohispanica 7, pp. 55-69.
2 Despite so, it has been compared it to other 'water' words, both within the IE family and oustide, even up to the point of building upon it a "global etymology" (Ruhlen).
1 P. de Bernardo Stempel (2007): Water in the Botorrita Bronzes and Other Inscriptions, in Palaeohispanica 7, pp. 55-69.
2 Despite so, it has been compared it to other 'water' words, both within the IE family and oustide, even up to the point of building upon it a "global etymology" (Ruhlen).
3 More specifically, its agglutinative morphology would correspond to the "IE I (pre-flexional)" stage proposed by Francisco Rodríguez Adrados. Of course, Vennemann's proposal of OEH being related to Basque must be rejected.
4 M. de Vaan (2008): Etymological Dictionary of Latin and the Other Italic Languages, p. 21.