Dear LisaB,
I guess you most likely know what the acronym SERE stands for. But just in case you don't, it stands for SURVIVAL-EVASION-RESISTANCE-ESCAPE. I went through the course when I was in the Army. I believe that the water survival part you are referring to, entails your escape from an aircraft (most likely a chopper) that has made a crash-landing into a body of water. Most schools have a pool set up for this simulation. The tricky part is that, when the simulator goes into the pool it inverts. I do not believe there are any "life preservers" involved, except for whatever floatation device is incorporated into your flight-suit.But don't worry, they have divers in the water during testing in case someone panics, so it's safe. You should have basic swimming skills. The routine is drilled into you so often, that when it comes time to perform it is almost instinctive. Understand that the SERE school and the water survival are two different phases. SERE is usually two weeks, one week of classes followed by testing the implementation of your newly acquired knowledge of survival. The pool test is given to all members of military flight crews to prepare them in case of an emergency water landing. Good luck and have fun.
Bigk9s