IPA: /ˈwɔːtərˌkɔːlər/
KK: /ˈwɔːtərˌkɔːlər/
A type of paint that can be mixed with water and is used for creating art, or a piece of art made with this paint.
She created a beautiful watercolor of the sunset over the mountains.
Watercolor is formed from "water" (from Old English "wæter", meaning the clear liquid that falls as rain and forms rivers, lakes, and seas) and "color" (from Latin "color", meaning hue or appearance). The word refers to a painting method that uses pigments mixed with water to create art.
Think of using 'water' to mix with 'color' to create beautiful paintings — that's what watercolor means.
No commonly confused words.