Since this card can be activated during the Battle Phase, you can immediately resume your attacks again from the beginning with all of the monsters you lost.
Combined with "Needle Ceiling", you can attack with all of your WATER-attribute monsters and then activate "Needle Ceiling" to clear the field of the remaining monster cards during the Battle Phase, before activating this card to bring all of your destroyed monsters back again to the field for a possible OTK.
Use this card alongside "Torrential Tribute" to destroy all your opponent's monsters, inflict damage, and to enable multiple direct attacks.
When using the above tip, it is possible to create an OTK if you utilize the effect of "Superancient Deepsea King Coelacanth" to summon additional monsters; not only does this allow you to use "Torrential Tribute", it also inflicts 2500 damage with "Torrential Reborn" and removes the attacking restraint placed on the summoned monsters by "Superancient Deepsea King Coelacanth".
Use this card in a "Frog" Deck. It can revive every Frog, including "D.3.S. Frog", and "Frogs" tend to maintain a high field presence.
Use this to preserve a "Dupe Frog" lockdown if one or more of your "Dupe Frogs" is destroyed. The effects of the destroyed "Dupe Frog(s)" will also allow you to search for more "Frogs", thus gaining a hand advantage.
Use this card in an "Ice Barrier" Deck to restore your field control immediately back to the previous state it was in (especially effective if you were maintaining a Lockdown at the time with your "Ice Barrier" monster card effects).
In the correct build, multiple copies of "Fortune Lady Water" can be used with this card to potentially draw up to 6 cards at once.
The ideal way to do this would be for a "Fortune Lady" monster to survive the destruction effect (such as through protection by "Forbidden Lance" first) so you can then use this card to Special Summon all copies of "Fortune Lady Water" back to the field to trigger their effect correctly.