Well it took â13â³ years for the Extended cut of Waterworld to come out on DVD. Was it worth it? Yes, and no. (IMO), Waterworld has been cursed with a bad theatrical version ever since it came out in 1995. Those who donât know, Kevin Costner fired Kevin Reynolds right after he turned in his final cut of the film. Costner then spent four months re-editing the film into what was known as the âCostner cutâ, or the theatrical version.