In 5 years of running electric outboards, I've never had an issue that can be attributed to getting the motor wet. All of my ob's have been upside down at one point or another, some for lengthy periods of time up to 1/2 hour or more. After a dunking, wash the motor out with a commercial motor spray or WD40... anything that will displace the water without damaging insulation... and re-oil the bearings. Some racers go as far as to soak their motors in Corrosion-X overnight before running them. It may not be a good idea to pull the trigger while the motor is immeresed.
Getting the ESC wet is a different story. Some are water resistant.... some are not....