Step 1: Apply the principle of conservation of mass (Continuity Equation).
For an incompressible fluid flowing through a pipe, the volumetric flow rate (\( Q \)) remains constant.
The continuity equation is given by:
\[
A_1 v_1 = A_2 v_2
\]
where \( A \) is the cross-sectional area and \( v \) is the average fluid velocity.
If the pipe has an extreme narrow cross-section, it means the area \( A \) is minimum at that point.
From the continuity equation, if \( A \) decreases, then \( v \) must increase to keep \( Av \) constant.
Therefore, at the extreme narrow cross-section, the speed of the water will be maximum.
Step 2: Apply Bernoulli's Principle for a horizontal pipe.
Bernoulli's principle for steady, incompressible, inviscid flow along a streamline is given by:
\[
\frac{P}{\rho g} + \frac{v^2}{2g} + z = \text{constant}
\]
For a horizontal pipe, the elevation term \( z \) is constant and can be ignored (or cancels out).
So, Bernoulli's equation simplifies to:
\[
\frac{P}{\rho g} + \frac{v^2}{2g} = \text{constant}
\]
This means that \( P + \frac{1}{2}\rho v^2 = \text{constant} \).
This equation shows an inverse relationship between dynamic pressure \( (\frac{1}{2}\rho v^2) \) and static pressure \( P \). If one increases, the other must decrease to maintain the constant total pressure.
Step 3: Combine findings from continuity and Bernoulli's equation.
From Step 1, we found that at the extreme narrow cross-section, the speed (\( v \)) is maximum.
According to Bernoulli's principle (Step 2), if the speed (\( v \)) is maximum, then the kinetic energy term \( \frac{v^2}{2g} \) is maximum. For the sum \( \frac{P}{\rho g} + \frac{v^2}{2g} \) to remain constant, the pressure term \( \frac{P}{\rho g} \) must be minimum.
Therefore, at the extreme narrow cross-section, the pressure will be minimum.
Combining both conclusions, at the extreme narrow cross-section, the speed will be maximum and the pressure will be minimum.
The final answer is $\boxed{\text{2}}$.