yo Scalper66, if the engine fell into the water it may be filled with salt water, causing problems with electrical and mechanical.
rinse the entire engine ASAP with freshwater (HOT). worry about the engine damage from submersion later, right now you gotta get all that salt water out. once you rinse the engine (use hot water!!!) let it dry and then spray with WD40 (entire engine, everywhere), will prevent further corrosion.
next , remove the spark plugs (all of them). crank the engine over or turn by hand, so any water in the pistons comes out. spray some oil into the spark plug holes once this in done.
check all electrical connections. also check condenser and coil. if wet, blast out water with electrical cleaner. if there is an air filter box, remove filter and replace with new one.
change oil (if 4 stroke with oil sump). replace with cheap 5w30 from crappy tire and let flow thru the engine. drain again completely and refill with correct grade of marine oil.
attempt to fire it up, may take awhile to burn out oil in piston chamber.
if all else fails, you can take it to a service center, may be pricey .
cheers
OTTO