If it's sparking the the mag is not dead, you must have a different problem. Are you certain it was water? First let it continue drying, and then pick up a spark plug, iridium is a very good choice, how old is the motor again?
Perhaps a cdi might be in order... spark plug at least can be found right now at the local auto or small engine shop, again iridium in your preferred temp range is a good start, hey even walmart has stuff, I've seen several iridium plugs end up on the sales racks simply because nobody buys spark plugs at walmart.
Just do your research as to what you will be needing, the sticky threads in the forums have specifications for spark plugs, research research research, maybe even search for things you have questions about or might find interesting, if you think it all out first and double check your measurements you'll end up spending more time riding than tinkering, that's because you know where the problem will be before it happens, you can fix it then go out and have fun without worrying.
Have fun, good luck and wear your damn helmet.