Why do i have water coming out of my nose and should i worry?

Usually not: This is usually from a common condition called post nasal drip. Basically excess mucus builds up in the nose and back of throat. Usually due to allergies, rhinitis, sinusitis. This is treated easily with decongestants, anti histamines, and sometimes antibiotics.

Water out of nose: Yes. It may be something simple like an irritation of the nose, but sometimes after head trauma the water like cerebral spinal fluid can come out the nose. See your doctor.