Originally Posted by SubySal
Pull the spark plugs before cranking it. If there is water in the cylinders it can escape from the spark plug ports. If the engine was in fact hydro-locked then do a compression check. I think I've heard it's possible engines can survive under light load, but hydrostatic lock under heavy load usually bends things.
Yes you are correct in that statement. I too have gotten other engines that have hydrolocked before to run. Sometime they run ok and sometimes they dont.
To the OP, i would remove the plugs and try to spin the engine by hand to see if you can get any water out. Then try cranking it. Replace the spark plugs and air filter. Change the oil and then attempt to start the engine. Its also possible the starter could have shorted due to water. If you do manage to get the engine to run, it may not be a bad idea to do a compression/leakdown just to verify engine health.