Yes. See, the water shader is set up so it renders on both sides of the plane, but adding the doublesided flag to the material makes too add polys to each side of the plane on export.
You doublesided a doublesided, so you get two water planes rendering over top of each other.
As for the glass issue, I had to do a bit of tweaking on my video drivers to get them to install properly; I am also running win7 x64, so that could potentially be causing that issue.