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Chloe is talking about a woman that can liquate herserlf. (Turn to water)

Clark: If I don't give her an exclussive scoop on all my savings
she's gonna expose me. She wants him to tell her about everyone he's saved?

Chloe: The H2O has gone to her head. (Has made her very brave? Or has made her flip?)
We need to figure a
way to kill that story once and for all. Not the story in fact but the woman, right?

Clark: She's got a backup plan, Chloe. Whether we stop her or not, she's
still gonna release my identity. So I'm going public...on my terms. The way he sees fit?
Chloe: To come out waving the flag...(I know that to come out means to reveal
yourself but what is to wave the flag?)I mean, that's huge.
Are you sure you're ready to have all of your intimate details
made into the banner headline? Make their way into the paper?
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Clark: If I don't give her an exclussive scoop on all my savings
she's gonna expose me. She wants him to tell her about everyone he's saved? It's not clear what "savings" means here. Normally when someone talks about their "savings" they mean the money they have saved (in a bank or other institution). Are you sure about the transcription of this?

Chloe: The H2O has gone to her head. (Has made her very brave? Or has made her flip?) More like recklessly bold or aggressive.

way to kill that story once and for all. Not the story in fact but the woman, right? It's not clear from this dialog. But since Clark is a goody two-shoes they probably mean just the story. http://en.wikipedia.org/wiki/The_History_of_Little_Goody_Two-Shoes

So I'm going public...on my terms. The way he sees fit? Yes.

Chloe: To come out waving the flag...(I know that to come out means to reveal
yourself but what is to wave the flag?)I mean, that's huge. Presumably she means telling the world all about himself.
made into the banner headline? Make their way into the paper? Yes, but a banner headline is much larger than normal.
Comments  
Thanks, Ray! I'm sure about the first one. Savings as how many lives he has saved.
We're talking about Clark Kent after all.