Basically, what everyone else has said. Yes, it might be possible for life to exist without water, but a lot of important reactions to life *as we know it* take place in solution, and water is a very useful/common solvent (the "universal solvent," if you will). Additionally, it is in the middle of the pH scale and is very stable, so it can exist stably in the body for long periods of time without anything untoward happening. On top of all that, water forms hydrogen bonds all the time (it also breaks them all the time, but whatever), and hydrogen bonds are important to several critical-to-life-as-we-know-it molecules like DNA and RNA. Hydrogen and oxygen as elements are also important as they are components of many hydrocarbons and important agents in energy storage/release mechanisms like ATP/ADP transitions. Plus, of course, oxygen and hydrogen are both very common elements in the universe.
Bottom line: water is pretty versatile stuff. Life without water might exist, but it would probably be vastly different from us.
Bottom line: water is pretty versatile stuff. Life without water might exist, but it would probably be vastly different from us.