Old Czech (Bohemian) or Moravian

[ololololo]

a → ?
d → d
l → r
r → ?
s → s
t → v
v → ?
y → a

How can this be justified?

otedy" ( otedy ) → "voda".

You received the translation “veda” (and “ved” (вед) in Slavic languages does not always mean “water”), and then they changed “e” to “o” without any justification (by the way, I cannot find any parallels to this in Slavic studies. There is a change of “e” to “o” in late Old Russian, but that is due to phonetics).

Air: olkchs → lkchs → rkchs → ?? "rauch" (wind)
Water: otedy → tedy → veda → ? "voda" or "vodou" (water)
Aether: otork → tork → vo?k → ?? "vrch" (the upper atmosphere)
Fire: otol → tol → vor / var → ? "var" (fire, heat)
Earth (Land): dchdy → dchda → ?? "deža" (earth, clay)

The problem with this approach is that it relies on what we see. You fit the word from VMS to the desired word (otedy to water), starting from that, but without knowing whether it will work with other words...

Secondly, it might not be water at all, but a humor . Humorous elements had alternatives to the elements.

To work confidently with languages, you need to be well‑versed in linguistics so that you can quickly identify your mistakes...