Are you sure you have stated the problem correctly? If so then, as both Nathanael and Suraj N suggest, the "first time they meet" must be when they hit the water.
In any case, you can as you say, use the formula for motion under constant acceleration, (1/2)a(t- t0)^2+ u(t- t0)+ d where a is the constant acceleration, u is the initial speed, d is the initial height, and t0 is the time the motion starts. In order to use that, of course, you need to set up a "coordinate system". The standard thing to do is to take + upward, height= 0 at the surface of the water, and t0= 0 when the first stone is thrown. "A stone is dropped into the water form a bridge over top some water". So -9.8 m/s^2, u= 0, and we are not told how high the bridge is so leave that as "d0". d= -9.8t^2+ d0.
" Another stone is thrown vertically upward at 32.0m/s, 2.5 seconds after the first was dropped." Now, a= -9.8, u= 32, t0= 2.5, and d is still d0. d= -9.8(t- 2.5)^2+ 32t+ d0
"Both stones strike the water at the same time." So at some time t, both of those are equal to "d= d0" so are equal to each other: -98t^2+ d0= -9.8(t- 2.5)^2+ 32t+ d0.
That reduces to a linear equation for t. The two stones will have the same height for only one value of t, the time they hit the water together.[/I]