Sadly.. I had a 76 Ford F-250 that I had a 71 Ford 429 in and I did it up real nice from the time I was 14 till I turned 16.. I did everything to it.. I put aluminum super cobrajet heads on it, a radical cam, headers, dual exhaust with 18" glasspacks, a 512 stroker crank, crowler rods, JE .60 over pistons, I had the block sleeved and I had an engine builder place in Buffalo, NY.. umm. I think J&L automotive do some extensive engine work and put 4 bolt caps on the mains and did all the clearancing checks and such and it was a hellatious motor.. Probably had roughly $5,000 in hardware over 2 years, and probably 4 months of solid build time.. and.. of course.. unwise in my youth.. I took her out the day I got my license with only 20-30 miles on the rebuild, and took her out 4 wheeling.. Didn't do any waterholes or anything like that, but.. idling all over the place for roughly 4 - 5 hours ended up stalling her out and when I went to start it back up it made a loud thud.. I towed it home with a friends chevy (I'll let you know that was the only time a chevy ever towed that vehicle out).. and then called around looking for help.. and. I was told that it was because that was improper break in.. You're not supposed to idle the motor a lot and you're not supposed to turn more than 2500 rpms.. So.. upon tearing it down again, just to figure out what was wrong.. I had broken a ring, and seized a piston and snapped a rod.. Roughly another $1200 in parts and labor and I had J&L automotive do the complete reassembly on a bench and then they sent it back to me, and I installed it, put about 3,000 miles on it, with very light driving, usually 15-20 miles a trip for the first year, and then had it dynoed the next spring.. She wasn't huge, but she was putting out 612hp and 793ft/lbs.. I was more than happy. I was shooting for like 525hp and 600 ft/lbs.. I used her as a plow truck and for quite some time. as a daily driver.. She ended up getting sold this past summer with roughly 210,000 miles on the rebuild, and still running strong.. I just couldn't afford having such a gas guzzler..
So.. as far as the water part.. I doubt it was the water at all.. I have driven through ponds in that truck, and have came out of there with distributor caps cracked and such, but as soon as they were replaced.. she'd sputter for about 2-3 minutes, and then she'd be back to normal..
I should have never sold the truck .. The guy who bought the truck, took out the 429, and shoe horned it into a 1965 Ford Mustang Ragtop and then put a straight six in the pickup.. What a waste..
Oh Well.
It's things like these that will make you realize later on it life, why people say it's never too late to learn.