The Water Parks & More option is separate from your theme park admission days. Using one does not affect the other.
Theme park days are considered "calendar days" of admission. (Hence why you need Park Hopper if going to more than one theme park per day).
WP&M options are considered "admissions". With a 10-day MYW ticket, you'll get 10 WP&M admissions. These admissions do *not* allow minor-park-hopping (though you can come and go from the same park on the same day as necessary). So going to Blizzard Beach in the morning, Typhoon Lagoon in the afternoon and DisneyQuest in the evening would use up *three* of your WP&M admissions, but none of your 10 theme park days.
Tables in Wonderland (formerly called the Disney Dining Experience) is a discount card that is available for purchase only by Florida Residents and Annual Passholders. The card gets you 20% off most table-service meals in WDW, for a party of up to 10 people, including alcohol. The card costs $75 for an AP holder, but with a large enough group you could easily save that much in your first meal.
Additional info and the list of participating restaurants can be found on AllEars:
http://allears.net/din/dde.htm
-Rob