AEM CAI tride and true all the way...
they now have released that in a SS version...
as for the sucking up of water indeed you would have to be in a foot and a half of water and be in it lon genough to suck aoo the way up to the throttle body and then into the engine and cause engine lock.
the little bit of water that willl go in that intake w/ no fender wells will be enough moists to help you gain alittle HP as it will be condenser and cooler and cool the engine alittle for more HP...
alittle of H2O won't hurt and gallon will...Also as mantioned the Bypass valve by AEM can have you resting at ease that that won't happen..
Hope this helps alittle more.....