yeah, like some said...don't even worry about it. you gotta run through some deep ass puddles to actually suck up enough water to kill your engine.
I was worried about it before also...so I got the bypass valve...and regretted it! the thing was cheap and it ripped in half (luckily, I had the retainer so the foam thing didn't get sucked up into my TB)....now I just have a 2-piece AEM w/ a silicone hose connecting the two pieces.