This ring enables the wearer to move and attack freely and normally whether attacked by a web, hold, or slow spell, or even while under water. 

In the former case, the spells have no effect, while in the latter, the individual moves at normal (surface) speed and does full damage even with such cutting weapons as axes and scimitars and with such smashing weapons as flails, hammers, and maces, insofar as the weapon used is held rather than hurled. 

This will not, however, enable water breathing without the further appropriate magic.