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 and cold are not.)