There we go!
First of all; I applaud you, Krava and ArtCrusade, for trying to put this lesson into practice and developing on an idea of your own using the reference. I cannot stress enough, however, that it's crucial to understand the basics of what you're painting. By understanding the underlying logic (why is this leg here? How does this neck look rotated?), you gain far more than by simply trying to apply a first glance of a subject to your ideas. Knowledge, in art, is 60% of your skill.
Krava: The main issue I see here, is the neck. It goes from very fat, to very thin in way too little space. In my paintover, I tried to show you the skeleton, and what a stretched out crocodile frame would logically look like beside it. I also think the colours, light and contrast weren't quite up to par, but I have a distinct feeling you were onto that one yourself. If not, please tell me - I'll explain as best I can!
ArtCrusade: The biggest flaw I saw in this one, was the anatomy of the legs. The entire skeleton seems a bit mismatched right now, but the legs stand out the most. In their current pose, they shouldn't be capable of bearing the weight of this creature, and most certainly, they can't attach to any major attachment point (such as a shoulderblade). Have a look at a crocodile skeleton, and I think you'll see my point. In my alternative skelton sketch, I left out the horns, but do keep in mind that typically, you'll want the horns to flow from the skeleton - all they are is bone, after all. Triceratops or Stegosaurus skeletons should be a great reference for how these attach.
wizelsnarf: Hope you don't mind this paintover; pepokish mentioned it might look a bit rude. However, I accented the two most strikingly off parts of your piece. First and foremost: The perspective on the crocodile (red grid) and the water (green grid) don't match up. Perspective flaws are the ones the human eye can most easily make out, so be very careful with things like these. Second; you've probably noticed the yellow lines and 'suns'. These are where I must assume your light is coming from, based on the shadows and highlights of the croc. Try and keep a consistent light; even if your reference was lit from a million angles. Try and understand the bone structure and texture, so that you can show that from a different lighting angle.
There we go, all done. If I missed something (or god forbid, someone!), don't hesitate to poke me!