I think there are many people on this forum that can answer this question much better, but the key point is that evaporating water *costs* energy. Water evaporation indeed is correlated with temperature, but when no energy is added to a closed system, the evaporation of water will lead to a *decrease* of temperature in that system. this is how for instance refrigerators work. Also, the higher the concentration of water vapour in the atmosphere, the more difficult water will evaporate (just like you will sweat a lot in a humid environment: the humidity (=water vapor concentration) prevents the sweat from evaporating, forming beads of sweat on your skin).
So in the end there will be an equilibrium: the watervapour concentration will rise until enough energy has been absorbed to prevent further evaporation.
When more energy is added to the system, through C02 in the case of AGW, the balance will shift towards a higher concentration of water vapor, and a higher amount of energy absorbed in the atmosphere.
Water vapor magnifies the effect of greenhouse gases, but in itself does not cause a runaway greenhouse effect.