It's just this quest's that's timed and you're already in the right place.
The game doesn't end with you returning the chip, after that there's a lot more freedom.
There are a few "what the hell should I do" moments. This being one of them.
BTW. Make a separate backup save before going into the "Glow" later on.
Because that's one frustrating place and you're likely to end up in a bad situation with no way to survive.
* * Necropolis Spoiler * *
from
http://www.gamebanshee.com/fallout/locations/necropolis.php -
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"In the northeast section of the Watershed map, in the building where the super mutants were/are, there is a room just to the south of the water pump with a hole leading to another section of the sewers. It really leads to the 1st level of the Vault, named Vault 12 (though the game does not tell you this). Enter the 1st level, defeat a couple glowing ghouls who radiate you when they hit (for low radiation that you shouldn't worry about), search the area, and enter the elevator to the 2nd level. Search that area for some more ghouls and 2 Rad-X from a locker, which can come in useful for your next destination (after returning the chip), The Glow.
On level three, hunt for the only working computer, and use it to remove the water chip and receive roughly 1000xp. Use your Science skill on the computer first if you're having difficulty taking the water chip."