In the aftermath of Hurricane Katrina, I came across this free information from NEMA on handling equipment damaged by water. Others suggested I put it into an FAQ to make it easilly accessible after the thread gets buried. I have also compiled other previous references mentioned in past posts. I am keeping pdf copies of these documents in case any of these web page links eventually get broken. Please send me a comment on this FAQ stating any that don't work if you come across them, or send me other references you know of to add to this FAQ.
From NEMA, published in Sept. 2005 right after Katrina:
http://www.nema.org/prod/be/enclosures/upload/guidelines_handling_water_damaged_elect_equip.pdf
From Schneider / Square D
http://ecatalog.squared.com/pubs/Automation%20Products/0110DB0401.pdf
This one has more information on smaller equipment such as PC boards etc. It is a little more commercial in nature, but still very useful.
http://www.stabilant.com/appnt41h.htm
This one is not terribly specific, but has a handy checklist of electrical equipment often forgotten in the basement.
http://www.disaster-resource.com/articles/what_now_smith.shtml
Specific to motors: (requires download of their .pdf file)
http://www.rcre.rutgers.edu/pubs/publication.asp?pid=FS968
More on motors:
http://www.usbr.gov/power/data/fist/fist3_4/vol3-4.pdf
http://www.usmotors.com/Service/Bulletins/Issue4-Jan03.pdf