Nope water is not a lubricant.
A lubricant is a substance that allows easy movement of other parts without sticking with each other and reduces friction
But water has high adhesive properties and hence it is not used as lubricant.
Adhesive properties can be observed when it forms concave meniscus with a glass or metal container. 
Water is not a lubricant because it has adhesive property where as for being a lubricant the material should have redhesive property.
As a lubricant provides space between two parts to move properly.
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