water shooting out shouldnt really hurt any of the electronics under the engine bay since theyre supposed to be sealed anyways. just take the spark plugs out and crank it over and that should push any water out. dont put oil in there since if there is more water in there the oil will just sit on top of the water and might hydrolock your car some more. if you think theres more water in there just stick a tampon through the spark plug hole and that should absorb anymore water.