Umm Mu HA HA Ha
Now I say from absolutely no experience

with sunken boats (just dont get me started on falling out of a boat

) but I did fill the cylinders with water through the exhaust

Unplug it, drain oil, remove valve covers and spark plugs, and carb, maybe intake for sand and grime, turn it over by hand, you can see if push rods are bent/not opening enough. spray with oil in cylinders. Dry all electronic parts and carb. drain fuel tanks, maybe even connect a external gas tank . Refill with oil and new filter. Spin it a few times without the spark plugs in. Look and listen and decide if it might be safe to try and start it. Fire the SOB up for a min or 2. Then drain the oil and change the filter again. (basicly the same as Ralph's)
Mine sheared a dist pin when it hydrolocked... got it running at the lake with a cotter pin enough to get back to the trailer maybe a mile away
