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3. Hit all the grease zerts to get water out of any crevaces.
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Interestingly, I've only seen the term "zerts" used in snowmobile forums but if you're talking about grease fittings, the term is zerks as in Oscar Zerk.
http://en.wikipedia.org/wiki/Grease_fitting
From the link - you gotta love the name Lunkenheimer ;>):
The patent for the Zerk fitting was granted to Oscar Zerk in January 1929.[2] Prior to this point bearings were lubricated by devices such as a Lunkenheimer oiler.
I also don't support the idea that "lubed for life" is better than using zerks as the link suggests but I wipe my zerks before applying grease which is a rather large veriable.
Lastly and back on topic, I largely agree with Super Sled's comments except the part about drying the CPU. He suggests drying it out for a week in a bowl of rice but I think the CPU is kinda important as far getting the sled to light ASAP which IMO and as SS suggests is critical. I'd agree with SS's drying method for other components not needed to operate the engine.
It's only a guess, but I would think a dip in 3ft. of water isn't deep enough to allow water to enter most "sealed" electronics which I would consider the CPU to be. Relays would be another story of which I would buy new. I would also blow dry with shop air any/all connectors, fuse panel, switches, etc then spray the same with silicone spray, then blow them off again.
If the sled has been submerged for more than a few hours or deeper, then buying a new CPU would probably be a wiser move since again, getting the engine running ASAP should be your number one goal.
Just thinking out loud, but the best way to get the moisture out of the engine is with it's own heat. Tranny juice is more hydroscopic so maybe a half quart with fresh engine oil would speed up the process? Dunno, but running the sled at idle (keeping the load on bearings low) would be a good way of building heat provided you keep an eye on coolant temps perhaps doing multiple engine on/off cycles changing the oil a time or two in between.
I've never sunk a sled but have done a couple flood insurance claims on cars in my youth so take the suggestions above with that in mind.
Good luck.