LONDON — With several news media outlets broadcasting or Web streaming every event at the Olympics, it is almost inevitable that water polo will have its share of R-rated moments At these Games, the most notable transition from tenacious to titillating (and quickly back again) came in the women’s preliminary-round match between the United States and Spain last Wednesday. During a particularly spirited passage of play, NBC cut to an underwater camera, hoping to show players thrashing for possession. Instead, the network gave viewers a brief bit of risqué theater as the American Kami Craig pulled at her opponent’s...