The spectral substructure and the dynamics of the OH- and OD-stretching bands of HDO in the diluted isotopic mixtures with D2O and for the first time H2O are investigated using 2-color IR spectroscopy with tunable subpicosecond pulses. From the observed transient band shapes, we derive four major spectral components within the OH-band of HDO in the solvent D2O peaked at approximately 3330 cm(-1) (1), 3390 cm(-1)(II), 3460 cm(-1) (III), and 3520 cm(-1) (IV), as well as three corresponding species in the case of the OD-band in the solvent H2O. The components display no distinct temperature dependence of position and spectral width in the investigated temperature range 273-343 K. Comparing the OH-stretching mode of HDO:D2O to the OD-vibration of HDO:H2O, the population lifetime increases significantly from 1.0 ps for OH to 1.8 ps (+/-0.2 ps) for OD at room temperature, whereas spectral relaxation, assigned to structural changes, seems to slow from 1.0 +/- 0.4 ps to 2.0 +/- 0.8 ps in the protonated water environment.