http://www.rcbros.com/reviews/cc/Mreview.wmv
Castle dips their circuit boards in a solution that makes them waterproof... er, sorry, water resistant (officially). It's those pesky fans that get in the way. It's the long term effects of water that'll hurt your truck. I've ran my v2 through about 3ft of snow, works great but it can increase the load on the truck so gear it way down.
I have to say that this is very funny looking... But I am sure that it worked well, and that is all that matters. I actually made a boat out of a tupperware container once, and this reminds me of it...