jfduroch,
The corrosion process will continue until the oxygen dissolved in the seawater will be used up. Then it will stop. Perhaps not more than say, 0.1 mm. The presence of chlorides in the seawater will generate pitting locations of concentrated corrosion. If you drain, flush with clean treated water and dry the pipe, nothing much will happen, apart of that rusty colour inside the pipe. However, bring some fresh water with dissolved oxygen, the points of pitting will degenerate quite quickly in advanced corrosion points, most likely to perforate the pipe at a rate higher than in other places, perhaps at some 0.1 - 0.5 mm per year, depending also on temperature, fluid flow velocity, etc..There is a wealth of information on the net, have a go at it.
cheers, gr2vessels