My 4 yr old is running a fever and is just laying around has a cough and water like drainage from her nose ?

Viral infection: He is most certainly have a viral infection such as common cold, RSV or flu. But it sounds to me like he might be also is dehydrated. Be sure, he takes a lot of fluids and well hydrated. Take him to a doc asap. At this age kids are very vulnerable and might run complications such as dehydration, viral pneumonia or RSV bronchiolitis more easily.

Flu like symptoms: Your child may have the flu. She deserves to be taken into the pediatrician to see if she has it or some other illness.