The Water Parks Fun and More option includes one visit per night of your booking to Blizzard Beach, Typhoon Lagoon, Pleasure Island, or DisneyQuest. The Wide World of Sports ticket option has chaged in recent weeks, and I believe that it is no longer part of the WPF&M option; tickets to the WWoS are available only for specific events.
Check in at most WDW resorts is 3pm. When you arrive at your resort early, you can check in early, even if your room isn't ready. You will receive your Key to the World, which will be the key to your room, as well as your park ticket and your ticket into the water parks, PI, or DQ from your WPF&M option. If you are using Disney's Magical Express, your bags will *magically* appear in your room approximately 3 hours after your flight lands. You can check your carry on luggage (or all your bags if you did not leave them in the care of DME) with Luggage Services and head off to the parks. More often than not, Luggage Services will put your bags into your room when the room is ready.