Unless you drove through a river and the water level was over the hood I doubt it inhaled. probably head gasket water jacket leak into the one cylinder. (colincidence).
After running the engne for a while and you still have water in the cylinder you can confirm that the head gasket is blown esspecially if you now have much less wATER in the radiator...Right?.
Do compression check and see if the compression is leaking and building pressure in the cooling system.
I had a simular symptom as yours and pulled the plug to see evidence that coolant water was entering cylinder. After it reached operating temp I could see air spewing from the radiator cap hole..(only when running). I supposed the exhaust was entering the cooling system via the watewr jacket failure.
I pulled the head and BEHOLD there it was PLAIN AS DAY.
Rather that another head, I installed a Jap Inc. Motor. Too hight chance to blow rings with reman head..
Runs awesome now!
Hope this helps!