You need to get it towed to a mechanic its more than water in the oil you probably floated a head. Water messes up engines mainly by getting into the combustion chamber it doesn't compress so the pistion just pushes on it until it lifts the head up and blows the head gasket, breaks a rod, or cracks a head. If you are lucky change the oil let it dry out for a few days and check it again. Personally I wouldn't mess around or you could just end up with a smoked engine.
Wes
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