Hi,
Ad question 1) How long did you render your image and on what hardware? Did you use region rendering?
Caustics can sometimes take longer to converge to high quality result. They should however definitely become splotch-free after some time.
When using regions, they are calculated in a slightly different way, and this is currently expected, so the "splotches" may actually remain for a longer time then when regions are not used.
Also, did you change any render settings? Have you tried resetting them to factory defaults? (Render Setup > Scene > Reset settings)
And lastly, make sure you are using Corona 4 Hotfix 1, not just the regular Corona 4 release.
Ad question 2) Yes, it should be possible with a "standard" water material with refraction and reflection IOR @ 1,33. It depends on many things, mainly light intensity and direction. What kind of lighting are you using?
You should also model your water as a solid box, with the top face displaced, and contained within some kind of pool, rather than a plane with no thickness floating above the ground. (if that's the case, I am not sure)