The Legend of Korra - Book 2: Spirits

 Spoiler

Tumblr just pointed out a VERY, VERY interesting fact.

After Ravaa, the one who was holding all of the elements, is ripped out of Korra, she's not a water bender. She's an airbender. Thoughts? Rewatching the last episode, and she does in fact use Airbending at 6:36, when jumping into the tree of life with Tenzin before she goes all blue-giant.

 Spoiler

She still had all four elements. Ravah didn't hold the elements for the Avatar. She only held them temporarily for Wan until he was ready to accept all of that power. If I remember correctly, during the Wan episode when Wan was learning how to bend all four elements, Ravah only entered Wan temporarily so that she could transfer the power to him. They were not connected the entire time he trained with all four elements. Once she transferred that power it was inside Wan forever.

As far as I can tell, the only thing Ravah really did was create the Avatar State, and connect each Avatar life to the next. The second Avatar gained the ability to bend all four elements because of its connection to Wan, not because of Ravah, although Ravah is the connection. Removing Ravah removed that connection, however the ability to bend all four elements was already within Korra because she was born with that ability.

When Ravah was removed from Korra, she lost the connection to the Avatar's past lives, but she didn't lose the ability to bend all four elements because that's part of her, not Ravah. The only thing lost when Ravah was ripped out of her was the connection to the past Avatar lives and their power/knowledge.