Not with water, that’s fer sure!
Actually, you do put them out with water.
Electricity supply to the lines is cut while the problem is fixed.
Sorry for the boring answer, but I thought you’d like to know. 
Well, just so long as the power’s cut…otherwise, things might get MUCH more interesting!
I saw this happen in my backyard in 2004 when Tropical Storm (Hurricane) Cindy made a direct hit here. It wasn’t too bad of a storm. The NHC decided it was a hurricane after the fact…it was right on the borderline of a Category 1.
When it happened, we were getting probably 40-50 MPH sustained winds with 70+ gusts. My ex-wife looked out the window and saw a shower of sparks. A tall pine tree was blowing into the power lines and was on fire. I spread open the blinds and pressed my nose up to the window to see what was happening just as a branch broke off and bridged the hot and neutral wires and there was a blinding flash and a loud WOOOOMP sound. Then the power went out.
Unlike on the video, the lines didn’t attempt to reset themselves. The lights went out and stayed out for a couple of days until they came and replaced the transformer on the pole next-door.
Also, the tree stopped burning almost immediately after the lights went out. It was pouring rain at that point and I guess the rain put the fire out.
That’s nothing. This is what a real electrical fire looks like" http://www.youtube.com/watch?v=fzbQjd_Oo4Q
Video of treerannosaurus Rex extinction!
Take that NATURE! Beatch!