You are in a situation which bothers you (conscious or sub-conscious) and you are looking (literally) for the way out. You enter the lift (the "way out") but the escape turns out to be a trap, instead of saving you it swallows your and you fall. You are literally losing the safe ground below your feet.
I am not a psychologist, but this seems relatively clear.
There might be problem(s) in your life were you are thinking to solve them, but then fear that the solution might actually be worse than the problem. Let's say...EXAMPLE...someone thinks that the solution to whatever problems would be alcoholism...but then he realizes its not really a solution, it makes things even worse.
it could be something like a relationship even where you think that a person might be your life-saver, but instead, you get "dragged down" into even more problems. Things like that.
It could be you have money problems and are thinking about a credit, but subconsciously already know the credit will cause even more problems, rather than being a help.
It could be "you want to go somewhere", eg. learning something new, a new belief even...but are afraid the new knowledge will swallow you and you are actually afraid of what you might learn.
As for dreams, there might be others who can interpret them much better that I can. However, in SOME way, you already know what the problem is if you just examine your own dreams and interpret them, what feelings they create and what could be the equivalent in your real life.
As for the water, as far as I know, water is symbol of emotions. If there is an ocean of water rising, emotions are out of control, they are about to (again) literally swallow you up and drown you. It could be it shows you are a very emotional person which often "drowns" in daily life because of emotions (yours? others?) ...or are afraid that emotions might become out of control and "drown" you. For example, you could have a demanding job in health care or something and don't admit it, but there is something which bothers you and in your dreams it shows in that way by the waters that raise out of control.
edit on 2-3-2013 by flexy123 because: (no reason given)