You're right, it's being redistributed but it's not running out.Tell that to the people in 3rd world countries dying of cholera and diarrhea. Tell that to the city of Atlanta, GA where the spigots ran dry last year. Tell that to the Texas Water Development Board where they are fretting about what will happen in the next 20 years when the Ogallala aquifer which prevents the desertification of Texas runs dry.
Water is running out too, and you are kidding yourself if you don't see it. It's being redistributed --just like the O2. There is roughly the same amount of water there has been for a few billion years (as is the case with O2,) but much of it isn't potable, and even more of it is salinated due to us mining the ground water faster than it can replenish itself. If you mine the ground water faster than it replenishes it winds up in the ocean.
Yes, we could in fact desalinate the water, but that's horribly inefficient and currently impossible to sustain any sizable population on top of being cost prohibitive.