Does unity3 has water physic?

First of all what is meant by "water physics"? Water physics is not one specific thing, water can be simulated in many different ways.

See this post: How to create water physics in Unity?

unfortunately unity 3 will not support water/particle physics and softbody physics. cloth is the new supported feature. CCD and new raycasting (thick) is added too. other features will be added over time. maybe in next minor release. i think they don't want to add too much to web player size at once.