When it isn't overflowed, then you can access more land where some free items lie on the ground. On certain days, you can ask for Pryce's phone number for rematches. Other than those things, not much else happens.
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In the house you first see after entering the Lake of Rage.
To the Lake of Rage, which is north of Mahogany town.
There is not a red Gyarados in Lake Verity. The in-game report of a sighting is simply a story mechanic to get the player there. This little story element is a reference to the Red Gyarados in the Lake of Rage on Pokemon Gold and Silver.
In Pokemon Platinum, the player has to defeat several Galactic Grunts and Commander Saturn to get them to leave Lake Valor. This happens after Team Galactic uses a bomb to dry up the lake.
you can find petrel at Mohagany town after u find the man in the black cape at the lake of rage.