The word that relates to all these words is "Octopus".

8 refers to the eight legs of an octopus. Water is where octopuses are commonly found in the ocean. Ink is a defense mechanism used by octopuses to evade predators, as they can release a cloud of ink to obscure their escape. Fried refers to a common way of cooking octopus, where it is sometimes battered and fried.
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