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It is always possible its water but it pretty doubtful. Usually water will just make the engine run bad and not cause it to stall. I suspect you have an overheating fuel pump, the pressure test will verify if this is the case.
You should have a service port located on the fuel injector rail , it looks just like a valve stem and will have a small black cap that you remove, once the cap is removed the gauge screws on to the port stem.
The pressure reading I gave you where for the 460 engine, Its the only engine in the 1998 and Ford did not make the 360 since 1976 . The fuel pump is located in the tank as well and if its needed it vcan be replaced seperately from the tank. Please take a moment to rate my service so I can get credit for my time, the question remains open for follow up even after doing so, all you need to do is return to this question if need be.Thank you again.