Until someone proves otherwise (and this has been posted in another thread) the ONLY way to hydrolock your engine is if your filter is COMPLETELY submerged.

If your filter is partially submerged, will your engine still suck up water or will it suck up air through the other half of the filter that's exposed to air? Again, physics tells me one thing. If you have experienced otherwise then by all means go ahead and share. But until then, the bypass valve is totally and entirely effective in safeguarding your engine against the #1 cause of hydrolock, and that is to have the filter completely submerged.

Like I said before, for the price of a AEM CAI AND the bypass valve, just get the icebox extension + foam filter and be done with it. Or go with a nice J's racing intake or some other shortram if you can't decide.

Shingo