Glad to hear it worked out fine.
Yes, water could certainly make the spark too weak to ignite the mixture, flooding the engine as a result.
The problem with IAC valve occurres especially if the car has been fully warmed up (making the oily residue quite fluid). Then the valve is only slightly open making the idle RPM 750-850. If the engine is turned off and left in cold weather, the oily residue will become more solid making the IAC valve stick. Upon cold start-up extra fuel is injected to compensate for the condensation on the cold walls of the intake. But with the IAC valve stuck, there is not enough air and the engine gets flooded after a second or two.
Given these conditions, you may want to be alert to give it a little throttle on cold starts to prevent it from stalling.
The problem is a bit intermittent and I did not realize what it was until 3rd or 4th time it pulled that trick on me