Step 1: Identify reagent \(X\). Benzenediazonium chloride undergoes hydrolysis on warming with water: \(\mathrm{C_6H_5N_2^+Cl^-} + \mathrm{H_2O} \rightarrow \mathrm{C_6H_5OH} + \mathrm{N_2} + \mathrm{HCl}\). Thus, \(X = \mathrm{H_2O}\).
Step 2: Identify product \(Y\). The product formed is phenol. Phenol reacts with aqueous NaOH to form sodium phenoxide: \(\mathrm{C_6H_5OH} + \mathrm{NaOH} \rightarrow \mathrm{C_6H_5ONa} + \mathrm{H_2O}\). Hence, \(Y = \mathrm{Phenol}\).
Step 3: Final conclusion. Therefore, \(\boxed{X=\mathrm{H_2O},\qquad Y=\mathrm{Phenol}}\)