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Final, crushing defeat of the modern toilet? (8)

Ross

I believe the answer is:

waterloo

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'final crushing defeat' is the definition.
(I've seen this before)

'modern toilet?' is the wordplay.
'modern' becomes 'water' (I can't justify this - if you can you should give a lot more credence to this answer).
'toilet?' becomes 'loo' (loo can informally mean a toilet).
'water'+'loo'='WATERLOO'

'of the' acts as a link.

Can you help me to learn more?

(Other definitions for waterloo that I've seen before include "Historic battle" , "Eighteen hundred and fifteen battle" , "Belgian battle site" , "Seminal European battle of 1815" , "railway terminal" .)

I've seen this clue in the Sydney Morning Herald.
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