There's nothing special about water that makes it a magic weight loss cure but it can help you lose weight if you use it correctly.
If you drink water just because you think it helps speeds up your metabolism or burns fat, then you're drinking it for the wrong reasons. Yes, water has many important functions in the body and we can't survive without it, but its not a miracle solution that will burn calories for you.
Water can however, indirectly help you lose weight. If you use water to replace your consumption of high calorie drinks such as soda or ice tea, then it will help you cut calories.
If you drink 3 cups of soda per day, that's 300 calories. If you replace even 2 of those cups with water, you'll be saving 200 calories by the end of the day. You can also drink water with meals to make you feel full and keep you from snacking on high calorie foods.