Water is a special liquid-and not only under "normal" conditions. Water in the supercritical state (shaded area in the phase diagram) is distinguished by special properties which are wholly at variance with those of normal water. So far these have usually been exploited for the purification of waste water, for example for the complete oxidation of poorly degradable substances. But what is the potential of supercritical water for synthesis? Answers are provided here on the basis of thermodynamic and kinetic studies as well as with reference to measurements of corrosion.