I think water will win. Khmer Princess will die before getting the chance to attack. Hill Giant will not be able to kill anything because of water's armor. Regal Peryton is the only one that gets to kill.
Deeplurker only needs 2 hits to kill Regal Peryton. Regal needs 3 to kill Deeplurker. With Regal having only 45% chance to evade, Deeplurker will most probably win.
@redeculous
Thanks for the giveaway!