These motors are drip-proof as they're usually NEMA certified.... which takes care of your second problem. :D

But if it was submerged completely, chances are that at least half of the rotor is still under water (ie. if the water didn't drain properly). DO NOT apply power.

If it's still economically viable, I'd have it overhauled immediately. Delaying this and the inside would begin to rust. You also need to apply lubrication to the shaft bearings anyway. If you don't, the motor will start squealing intolerably in a matter of days or weeks.