Who owns the rain or is it illegal to harvest rainwater?

The Los-Angeles Times has a interesting write up about water rights in Colorado:

Every time it rains here, Kris Holstrom knowingly breaks the law. Holstrom’s violation is the fancifully painted 55-gallon buckets underneath the gutters of her farmhouse on a mesa 15 miles from the resort town of Telluride. The barrels catch rain and snowmelt, which Holstrom uses to irrigate the small vegetable garden she and her husband maintain. But according to the state of Colorado, the rain that falls on Holstrom’s property is not hers to keep. It should be allowed to fall to the ground and flow unimpeded into surrounding creeks and streams, the law states, to become the property of farmers, ranchers, developers and water agencies that have bought the rights to those waterways.

This is not the same as two countries that share a river and fighting over water rights, it is whether water should be considered as property.

I remember hearing that water is actually H₂O₂ – two parts of Hydrogen, one part of Oxygen and one part of Opinion.