I think that LiPos are not water proof and I have heard that if the LiPo itself (not the casing, but the polymer) gets wet bad things happen.
Perhaps coating the battery in plastidip and inspecting it before wet weather usage would be adequate?
Although, now that I think about it sense the E-Revo has enclosed batery trays you might just be able to seal them (silicone caulk/RTV along all seams, make sure there are no gaps)
I've submerged my 3905 emaxx on teen titans and NimH 62p. Water filled tires get heavy and suck to dry out. Everything else was fine after a proper lube job. Lipos only if you have to I'm sure the boat guys have their ways on waterproofing. http://s300.photobucket.com/albums/n...t=MOV02658.flv
With my Revo, even though all the electronics I have are waterproof/waterproofed except for the lipo battery, I just wrap the whole chassis with saran wrap a couple times. Works great!