In a medium saucepan, combine the olive oil with the lemon zest, bay leaves, rosemary sprigs and cracked peppercorns and cook over moderate heat just until sizzling. Add a large pinch of salt; remove from the heat. Let cool slightly, then stir in the lemon juice and water. Applications: Use as a 1-hour marinade for swordfish, tuna or shrimp, or to marinate veal, chicken or pork for up to 4 hours before grilling, broiling or sautéing. Strain and toss with salad greens, olives and croutons and roasted potatoes or drizzle over poached fish.