OK, so I'm looking at doing the poor-man's short Ram intake.

I have a K&N filter already, and I'm thinking of removing the resonator pipe. I figure it should be good for a 1-2% gain.

I know it will be louder, but what are the risks with regard to water ingestion, etc.?

if it's short ram then you really shouldnt have to worry about water getting into the engine bay....you should be fine.

If you're thinking about doing a poor-mans intake, make your own.
You can make your own CAI.
Instructions from team delsol (http://www.teamdelsol.com/howto/coldair/diycoldair.htm) :smoker2:

By the time I finished buying a dremel, I'd have spent $130 and a day - the AEM would be better at that point. I'm just talking about taking the U pipe out under the airbox. In fact, I'm stepping outside to do that now.

you could have bought yourself a $40 intake on ebay and not spent so much.