Signed from Oxford United, Graham Waters played twice for Exeter City before moving on to Dorchester. He settled in the Exeter area and later appeared for Tiverton and other local clubs. 

Graham joined Oxford United as a trainee and, although he signed professionally in May 1990, never made a first-team appearance before joining Exeter City in July 1991.

Signed by Terry Cooper, who was soon to leave the club for Birmingham,  Graham made his debut in the heavy defeat at Shrewsbury Town on 31 August 1991. Appearing just once more in the league, Graham was one of a number of players transfer-listed by new manager Alan Ball and soon joined Dorchester Town. 

Remaining in the Exeter area, Graham later played for Tiverton Town - for whom he appeared as a late substitute when the club won the FA Vase in 1998 - and St. Martins (Exminster).