The importance of it is that if there is then it will be much easier to set up a permanent Moon base than if there is not and it either has to be ferried in or synthesised.
And the answer to hte question is there water on the Moon appears to be yes:
Nasa has found 'a significant amount' of water inside a crater on the Moon in a discovery that could pave the way for the first manned lunar base.
The agency announced that last month's audacious attempt to smash two spacecraft into the Moon's rocky surface to find ice was a major success.
The £49million bombing raid threw up a mile-high plume of dust - which included chunks of ice locked away in a deep crater at the lunar south pole. The bottom of the crater had not seen sunlight for billions of years.
Good news for all the sci fi fans like myself who would rather like to see us getting on with this colonisation of the Solar system thing then.