How long has it sat since the sinking? The best course of action is to immediately drain, then alternately flush with fresh water and then oil and hand crank it with the plugs out, several times on the oil step. Basically give it a good bath and lube internally. There was a thread about this on the Team Talk forums (mastercraft), IIRC.

For the electrics, a good dose of heat from a hair dryer (not a heat gun) would help displace moisture. That, and a lot of WD-40 (though not at the same time).

Not sure on the fuel system, but rinsing out with fresh water first, then dry, then follow with a water absorber like Heet should do the trick.