Exterior paints, even oil-based, probably won't hold up well to the conditions necessary for a Water Dragon cage.
I'm not sure what product it is that you covered the styro rocks with, but it may have already been water and scratch resistant enough for your dragon.
A clear coat of epoxy is probably a good idea at this point. Envirotex is clear and solvent free but will be expensive. Bondo makes some clear epoxies that will be cheaper but will need to be used with a respirator and a lot of ventilation. The cure time may also be weeks.
You should also be concerned about moisture getting behind the cork bark. That could cause a lot of damage. The cork should hold up very well, however.
As the previous poster said, MV bulbs are very sensitive to flucuations in voltage. They are also very senstive to flucations in temperature. So senstive that even installing then at a slight angle can cause the ballast to heat up and wear out quickly. High humidity cages also case these temperature changes.
Some of the standard incandescent bulbs designed for reptile use also seem to have very short lifespans.
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I am almost done building the cage for my new water dragon. It is 150cm high, 100 wide, and about 50 deep. I attached cork board to some areas but made a rock wall for the rest. The rock wall is made out of styrafoam, tile (cement?), and painted with outdoor paint. Now I am wondering, will the paint hold up to the high humidity? Should I cover it with a sealant such as epoxy harz or something? I'll test it by putting a dried painted rock in some water, but I was wondering if anyone here had experience with this. Also, will the cork mold and rot? What about the bark?
Anouther thing, My lights burn out really fast. The last one only lasted 2 weeks. I think it's the water from the humidity. Is there any way to water proof bulbs to keep them from frying?