[Sopater]

where did all that water go when it receded?

There is plenty speculation as to the possibilities, just as there is plenty of speculation as to how to interpret all of the evidence that supports many different theories.

Here's one possible explaination: CATASTROPHIC PLATE TECTONICS

Here is a forum that discusses the debate from a creationist point of view: Forum on catastrophic plate tectonics

[blowfish]

Note that there's not a particle of physical evidence that ~10^9 cubic miles of water appeared and disappeared. I understand the theologically-motivated desire for this water, but there's no science to back it up.

The link you posted is very humorous, but contains no credible science that I can see...