Just as an FYI, oil lip seals are made to keep oil in, NOT TO KEEP WATER OUT if you are submerging your axles, transmission, transfer case, or engine. I use to work on U.S. Military trucks that were equipped with purpose built fording equipment, that enable them to ford both shallow, and deep water. By shallow water I'm talking about water up to 18 inch's deep, and deep water over 6 feet deep.
They used air from their air brake system, along with low pressure regulators to pressurizer the engine crank case, transmission, transfer case, and axles with 1 to 3 PSI of air pressure. The purpose of this low pressure air was meant to counter act the outside water pressure trying to slip pass the oil seals, by pressuring those components. Even with this air system in place we still had to perform field maintenance (draining and replacing all fluids) after each fording due to water still getting pass some of the seals.
If you look at the design of an oil seal you'll notice that they have a lip that rides on a shaft that faces inward, towards the source of the oil. That lip is reinforced with a garter spring that keeps the seals lip under constant pressure, and in contact with the shaft. Since that lip faces in it strips oil off of the shaft keeping it from escaping. But due to the seals shape, and the small amount of pressure provided by the garter spring, it's not tight enough of a seal to keep water from making it's way past the seal if you submerge it. If you make it a regular practice to drive in water over 6 inch's deep, one of the best things you can do is make it a point to change your fluids when you return to home.