Water can be canned, and I almost drank some. They were Coast Guard lifeboat stores and carried a date that distilled my thoughts into NO. Opening the can only confirmed my fears.
www.majorsurplusnsurvival.com has information and supplies for longterm water storage. Personally, I would just religously rotate my water supply. Periodic checking of all gear is a good idea anyway. So, just drink up while doing your inventory.