On Friday it was confirmed that water does indeed exist on the Moon. The LCROSS mission analyzed fumes coming off the surface of the moon after an upper stage rocket impacted the surface discovering water present in the dust. This could mean that future manned missions to the moon will allow for lab like environments to be setup where water, oxygen and hydrogen can be extracted and used to refuel and supply a continuous supply of oxygen. This paves the way for an outpost on the moon in the future I would think.
You can read about the preliminary water results from NASA directly.
Here is a photo showing the darker ejecta plume.