[dg2008]

Do I need to know what the first molecule is? If so how? and if not how do I work out what the products are?

[azmanam]

do you absolutely have to know the name to figure out the answer to this problem? no.  It would be relatively straightforward to figure out the name, though.  do you recognize this type of molecule?  can you point out any functional groups?

let's assume we don't know the name of this molecule.  how do we figure out the products anyway?  can you list some possible nucleophiles?  can you list some possible electrophiles?  nucleophiles attack electrophiles.

[dg2008]

the O-H, C=O, O=C-OH, 0=C I think in the way of functioning groups.

[azmanam]

Ok, good start.  Do you know what all of those are called?  Some other functional groups that you might recognize: H₂N-C, and O=C-NR₂ (where R is carbon or hydrogen).  Do you know what those are?

Now that we've identified some functional groups, will any of those interact with water?  If so, how?

[dg2008]

O-H, hydroxyl
C=O, carbonyl
C-OH, Alcohol

amine + peptide + ester maybe

[azmanam]

Yes. a peptide will interact with water.  Do you know what the nucleophile for that reaction is?  the electrophile?  can you start to draw an arrow-pushing mechanism for that interaction?

[Vidya]

Knowing the name is not a big deal.But you should know the  functional grp and its nature (like electrophilic and nucleophilic )
e.g alkenes undergo electrophilic addition
  carbonyls undergo nucleophilic addition
   aromatic  compds undergo electrophilic substitution
 

[dg2008]

methyl carbocation is present as a electrophile.

I know that electrophiles accept a pair of electrons and nucleophiles donate. Maybe I should just go through the whole thing working out their electronic configurations.

[Vidya]

anything rich in electrons are  nucleophiles(negative charge or lone pairs or pi electrons )
anything defient in electrons - electrophiles (positively charged or electron deficient BF3 ,AlCl3)