Clean it when the engine is cold. That way there's no pressure in the cooling system. Not much water leaks out, you could just plug the hoses with bolts or even sharpened pencils if need be.
The IAC works with little rotating vanes inside, the idle problem is caused when the vanes get dirty, and this effectively changes the idle mixture making it run rich because there is less space for the air to flow. So cleaning it restores performance.
Just use carb cleaner or TBI cleaner and compressed air if you have it and clean it like new. And make sure the vanes can rotate smoothly and reinstall it. And good news, if you are careful you can probably reuse the gasket too.