I very much doubt it'd work, for one the size difference.. chameleons are much smaller so may be seen as a possible meal by the water dragon.
Another thing is the fact that chameleons stress out VERY easily and the presence of the water dragon will mean that your chameleon will be under constant stress and this can actually kill your chameleon.
Another thing is the fact that water dragons and chameleons need different enclosures.. although simular there are slight differences and if you make it better for one the other will not be happy and visa versa.
Hope that helped a bit
Another thing is the fact that chameleons stress out VERY easily and the presence of the water dragon will mean that your chameleon will be under constant stress and this can actually kill your chameleon.
Another thing is the fact that water dragons and chameleons need different enclosures.. although simular there are slight differences and if you make it better for one the other will not be happy and visa versa.
Hope that helped a bit