WordNet (r) 3.0 (2006):

hold water
    v 1: resist or withstand wear, criticism, etc.; "Her shoes won't
         hold up"; "This theory won't hold water" [syn: stand up,
         hold up, hold water]

Moby Thesaurus II by Grady Ward, 1.0:

46 Moby Thesaurus words for "hold water":
   afford proof of, ascertain, be consistent, be demonstrable,
   be irrefutable, be logical, be reasonable, be the case, be true,
   be truthful, bring home to, cinch, clinch, conform to fact,
   demonstrate, determine, establish, figure, fix, follow,
   follow from, have a case, hold, hold good, hold together,
   hold true, hold up, make good, make out, make sense, nail down,
   prove, prove out, prove to be, prove true, remain valid,
   remove all doubt, set at rest, settle, settle the matter, show,
   stand the test, stand to reason, stand up, stick together, wash