I drowned my engines once with the hose once. The intake got water in it, but the cylinders were dry. These motors have a unique design where all valves are closed when it's off. I'd drain it, check for water in the combustion chamber, and if dry, offer him $2500 for it if the rest is immaculate. Might need a motor. Oh, and check the oil, if water in there, it might be all rusty and have to come apart. I managed to dry my manifolds out and teh engines were okay. Some sensors could be shot, but overall, these are pretty water-tolerant engines in my experience. How long has the water been there? Any tadpoles in it yet? lol What year?