Yes, it somthing to worry about.. I would get it fired up as quickly as possible so as not to lead to rust and corrosion and possible engine seizure. Remove the spark plugs and leave the caps on the grounding post. Turn the engine over to remove the water from the cylinders. Spray a little wd-40 in the cylinders to help displace the water. Hit the starter for a few seconds at a time letting it cool down abit while trying to get the water out. When it seems like all the water is out insert the spark plugs and get it started. Use the choke or a little fuel and injector oil as a premix to help fire it up. Don't use starting fluid. If it doesn't fire up repeat the procedure. Pull the spark plugs, hit the starter, insert spark plugs get it to fire up. Time is of the essence. the longer it takes to get it fired up the more chance of damage to the internal engine components.
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Karl
