Man, sorry about that Jim. While you wait for the Atomic 4 experts to weigh in, I would just second what bluwateronly said--definitely drain the oil. You'll see if you've got water in there. I would also pull the plugs and try to test for water in the cylinders, maybe even try to suck out anything in there. The WD40 sounds good.
Did the water get over the air filter?
2000 Beneteau 331
Northern Chesapeake Bay
Ambition is a poor excuse for not having enough sense to be lazy ~ Steven Wright