I served 20 years on submarines. We always shut the hatches before we dove. <img src="/forums/images/graemlins/lol.gif" alt="" />

Ok, I'll be serious.

Was the engine running when she turned mermaid? If so, it may have ingested water into the intake. That's not good for valves.

Otherwise, you still need to do a whole buch of stuff. You should drain the gas tank and flush the complete fuel system. Drain the engine oil and refill, change the oil filter. Disconnect all electrical connectors and blow them dry, then lube them good with proper anti-corrosion spray.
Same with distributor. Toss the air filter. Change all drivetrain fluids. Maybe repack all wheel bearings and consider pressure flush of brake and clutch fluids.

Drill holes in bottom back side of headlights to drain water from them....nah, don't do that. <img src="/forums/images/graemlins/smile.gif" alt="" />

Pull spark plugs and crank her thru several times, then squirt a little oil down each plug hole.THEN do a compression test. If she blows hard on all cylinders, you got good valves and she is in proper valve timing.

Locate spare ECU as you will probably need it eventually.

List it on eBay as an amphibian conversion vehicle. <img src="/forums/images/graemlins/notooth.gif" alt="" />

Ok, OK...I'll stop with the jokes.