The presence of water found on the moon is of no direct significance for life on Earth or for the probability of finding life elsewhere in the solar system. The water which NASA found is in the permanently shaded areas near the crater wall at the lunar pole. This water is from the small fraction of impacts of icy fragments which happened to hit where the sun never heats up the lunar surface.

However, what this finding is significant for is the feasibility of building a moon base. Water is obviously needed for such things as drinking and bathing, but with solar power, water can also be used to provide oxygen for breathing where no atmosphere exists. This is significant, because carrying enough water and oxygen from the Earth to the moon for extended stays on the lunar surface would be a major expense, greatly reducing the feasibility of a moon base.

As to whether or not a permanent human presence on the moon is a good thing or not, it has been our experience that efforts of this type (e.g. first putting a man on the moon in 1969) tend to fuel a tremendous amount of spin-off technology that helps society at large. Extending our view beyond the day-to-day existence on our own planet also tends to put many things in proper perspective, gradually leading to a more global viewpoint being adopted by many on Earth, as opposed to the type of parochial viewpoint that separates us from one another.

The bottom line is that finding water on the moon, even in relatively small amounts, can have a profound positive long-term impact.

Yup, there appears to be water on the moon, found when they bombarded the moon about a month ago. This leads to two possibilities:
1. Other planets might have water too, and water is thought to be one of the required substances to support life. So, this might actually be a clue that life on other planets is possible.

2. Water is definitely needed if we're ever going to set up a moonbase. Not that we are going to do that tomorrow, but that road has now opened up.
We might start a base there in about 20-40 years, exploring the water in that crater ,and hopefully find other sources nearby too. The moonbase could be a great experimental site for all kinds of zero-oxygen experiments, low-gravity experiments, or even for capturing solar energy WAY more efficient than we can here on earth. Too bad we don't know how to efficiently transport energy through space yet, and that the water-source is on the shadow-side of the moon...
Some small things science has to work out ;)

its possible. Water is just hydrogen and oxygen after all. Doesnt really have a lot of use though.

Truth is, there more exciting scientific studies here on earth waiting to be discovered, researchers found new plants and small frogs that officially dont exist on some remote island a year ago.

I live in Israel. Here water is scarce, like the rest of the middle east water has to be very carefully managed. Theres talk theres water hidden under the ground but it needs more research to find it. Here and in countries that have droughts, scientists ought to be spending more effort for this.

i think water is there on moon...absolutely its good because water is a basic need of life and in future there vll be this option for life....i feel if water is there on the moon, the people vll start investing on the land of the moon and the market vll be on the boom

There is water on the moon. According to NASA a "significant amount" of frozen water has been found on the moon. Preliminary data from a dramatic experiment on the moon "indicates the mission successfully uncovered water in a permanently shadowed lunar crater.

- I think that we should focus on our own planet first before venturing out to other planets. What about our climate and water shortages?

NASA eventually plans to put US astronauts back on the moon by 2020 to establish manned lunar bases for further exploration to Mars under the Constellation project.

- Entering unknown territory for no solid reason and spending our Tax dollars to research other planets just seems unnecessarily when earth is suffering. Let's focus on our own planet first.