The dynamics of water are examined using ultrafast IR stimulated vibrational echo correlation spectroscopy. The OD hydroxyl stretch of HOD in H2O is probed with 45-fs pulses that have sufficient bandwidth (>400 cm(-1)) to span the entire broad spectrum. High-quality 2D correlation spectra are obtained having the correct phase relations across the broad hydroxyl band. The correlation spectra are found to evolve on multiple time scales. The time evolution of the vibrational echo correlation spectrum reflects the structural evolution of the hydrogen bond networks. The extended vibrational lifetime of the OD hydroxyl stretch of HOD in H2O facilitates the measurement of hydrogen bond dynamics for longer times than possible in previous studies of the OH stretch. Molecular dynamics simulations/electronic structure calculations are used to obtain the time correlation functions (TCF) for two water models, TIP4P and SPC/E. The TCFs are inputs to full time-dependent diagrammatic perturbation theory calculations, which yield theoretical correlation spectra. Quantitative comparison with the data demonstrates that the two water models somewhat overemphasize the fast fluctuations in water and do not contain a slow enough component to account for the slowest fluctuations. Fits to the data using a phenomenological triexponential TCF yield a slowest component of similar to2 ps, and TIP4P and SPC/E have slowest components of < 1 ps. The TCF obtained from the water models and the triexponential TCF reproduce the linear absorption line shape equally well, but all miss to some extent the asymmetric "wing" on the low-energy side of the line. Therefore, the time dependence of the vibrational echo correlation spectra provides a good test for the TCF, but the absorption spectrum does not.