To calculate the flow rate of water under compression from a hydraulic weight, the pressure difference between the water and the atmosphere must be considered, along with the area of the hole. The flow rate can be derived using Bernoulli's equation, which relates pressure, fluid density, and velocity. The equation involves the depth of the water, fluid density, spout exit diameter, and discharge coefficient to determine velocity in meters per second. Atmospheric pressure affects the flow rate, as it influences the net pressure driving the water out of the hole. Understanding these factors is crucial for accurate calculations of water flow under compression.