How did the hydrolock happen is an important question to answer. if it happened while the motor was running things could be in bad shape internally from it.
the second question is how long ago did this happen? There is a need to get this taken care ASAP. You are actually better off leaving it full of water than sucking out most of the water and letting it sit with a little bit in it. Rust forms much quicker from moisture and air than metal actually sitting in water. If there is air pockets and moisture rust can quickly form on the bearings which is a bad thing.
The only real way to clear the motor of water following a hydrolock (short of taking the motor apart) is to pull the spark plugs and turn the motor over. This will blow a large portion of the water out of the spark plug holes. Following this, the motor needs to be started and ran for a bit so that the fuel, air, and heat can dry it out. You also need to do a complete oil change and change the in-line oil filter out.
Prepare yourself for an expensive repair. I always hate to be the bearer of bad news, but if this thing has been sitting for even a few days with water in it the crank is going to be toast. Hydrolocks need to be dealt with pretty much immediately after it happens to save the motor.
If it has been sitting like this for a while I would highly suggest you just pull the motor out and disassemble it immediately rather than trying to get it going again. This is going to be the only sure-fire way to know that you have dealt with the problem and will give you the opportunity to inspect the internals from potential damage caused by the hydrolock.
If this just happened you need to get this thing started and run it hard immediatly. Unfortunately, time is working against you in either scenario, but if it did just happen you can potentially right the problem without a major service to the motor.
PS: To answer your original question there is no drain plug that is going to remove water from the crankcase.