Because I am in a weight-training program, I take a scoop (5 gms) of it every morning along with a 20-gm. protein shake. There is no reason for either of those things unless you are trying to move heavy weights and pushing your limits to 5-9 reps.
I don't think it causes noticeable water retention. Your body makes about 2 gms of it per day, and you get a little bit from eating meat. The idea behind supplemental creatine is that, by giving your muscles a little extra ATP, you can theoretically stress your muscles harder, thus resulting in more good muscle microfiber damage, resulting in strength increase during the recovery process. Creatine doesn't build muscle; it is supposed to help you damage muscle.
Does it work? Experts say it does. It's difficult for me to say whether it has helped me in my program because I have no basis for comparison. At the least, a placebo effect.
Can women who lift use it? Sure. Many women these days do weight-training programs for general fitness for life, for osteopenia, and for sports. The same reasons the average guy does it. We have an 80 year-old gal in our gym lifting every morning a 6 am. And yes, Mrs. BD does 2 hrs of weights each week along with her other exercise. She loves those deadlifts. I hate it all, but I give it my best anyway. Delayed gratification.