Born in Miami, Florida, Waters's family moved to South Carolina where he attended North Augusta High School, starring as a football and baseball athlete.

As a senior, he caught 44 passes for 738 yards, and even though his season was cut short with a shoulder separation,[2] his record stood until Jerry Butler broke it in 1977.

Although he was nearly released during training camp, his conversion was successful, and he became the backup to Cliff Harris at free safety as a rookie in 1970.

Waters had 5 interceptions that season, as the Cowboys went on to lose Super Bowl V. His performance was good enough to make the NFL all-rookie team in 1970.

[7] Waters was eventually moved to strong safety in 1975 to replace Cowboys great Cornell Green, responding with 3 interceptions for 55 yards and a touchdown.

He was like a coach on the field, with excellent instincts and the athletic ability to become one of the league's top defensive players of the decade.

In 1979, Waters suffered a torn anterior cruciate ligament (ACL) in his right knee during a preseason game against the Seattle Seahawks, forcing him to sit out the entire year.

In February 2007, Waters announced that he would be leaving the radio booth after only one season, citing a busy work schedule that did not allow him enough time to prepare for the game broadcasts.