Yes, as that's what the rule says you can do. If you are having trouble visualizing it, "steam" might help.
You can freely have e.g. flaming and frost enchantments on the same sword - there's no "they cancel each other out" rules anywhere. If you allow it, you figure out how to justify/skin it, but combinations of "opposed" energies are completely rules-legit.
Note also that you're slightly confusing classically opposed elements like fire/water and earth/air with the D&D energies - acid, cold, fire, etc. Fire is both an element and an energy type, while water is only a descriptor and cold are notis a damage type and a descriptor. Water is in the spell descriptors but not the damage type; it's a spell with fire and water descriptors but a damage type of fire.