Man, you overthink this way too much. =)
It is definitely true that fluid (not water) collects in your discs overnight. You're actually taller in the morning than in the evening because of this. This means that you don't want to do any heavy spinal loading early in the morning. If you wait about an hour, it should be fine.
I forget exactly which sources I've heard this from. Stuart McGill comes to mind, and Bill Hartmann as well. Julie, who helps out in the injuries forum, probably knows the studies behind this as well.
I'm not sure about the exact amount of danger this poses with respect to injury rates. You may have to do a little Google-fu.
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