Thanks for the responses everyone. I'm going to get ahold of Poor Wally in North Pownal (Jason I PM'd you) once I can get it running. I have to put a new battery in it and even so had some problems with the alarm/horn last weekend. I took out the horn fuse but the alarm still beeps and I don't think the alarm will allow the starter to work.
Splangy, the water was ~3' deep and the engine did not stall, I turned it off. I checked the engine oil and transmission fluid for discoloration and saw nothing. This would verify that no water came through the carb, correct? (I'm not too handy mechanically, but working on it)
Also, while I was walking to NAPA apparently the horn was going off and my buddy disconnected the positive side of the battery. I don't know what the consequences of this will be, yet.