I agree with the crank sensor theory. The same thing happened to me Saturday in Fairfield, NJ. When I left my house in Roxbury things were looking sort of okay - could even see some blue sky.
Holy moly was I wrong. I've never driven through a downpour like that - and I was in the GN. I should've just taken the T-tops out 'cause I might have stayed drier. The f'n thing leaks EVERYWHERE (I've only driven it in the rain a couple of times by accident since I've owned it). The bald DRs were no fun either - it was like being on a sheet of ice.
Anyhow, yes deep puddles. A couple of times the VOLTS light went on, which I think mean the front of the engine got wet enough for the belt to slip. It was running rough for a bit, but as I got closer to home it cleared up. There was no way I was going to stop (lots of folks pulled over to wait it out) because of all the water coming in.
I have "hydrolocked" an engine before. It was a T-bird and I had *just* left my house. Went through a deep puddle and it seized the engine. Funny thing was that I was close enough to my house I just pushed it back up my driveway. Pulled the plugs, cranked it over, put 'em back in and it was fine. Had the engine been hot it would've been another story: cold water & hot internals makes for cracking of things.
If you actually sucked enough water into the engine to matter you'd know it. My air filter is behind my LH parking light and I made out okay through Saturday's mess.
Jim