Official Golf Rules : Official Golf Rules: Water Hazards

[thewhistler]

How do the rules work when there is a drop zone marked? At the course I usually play at there is a pond that runs along the right side of a par 5 which is in play from t-off to about 300 yards down the fairway. If the ball goes in the water on any part do I have to drop it in the drop zone? My ball was past the drop zone and I could have made the green with my 3 wood from where it bounced in, but if I went back 30 yards to the drop zone I would have no chance to get the green.