Many people flip boats all day everyday and they are upside down for longer than 2 minutes usually. You simply take the plug out and flip the boat upside down and pull the starter until the water is all out flip it over and reinstall the plug and start it up. I doubt you lost your spark from 2 minutes under water. You just can't see the spark in day light very well. It just isn't running because you haven't got the water out and it keeps getting in the sparkplug and shorting it out. You can restart a engine that was submerged in less that 30 seconds if you know what to do.
Drug stores usually only carry isopropyl alcohol. Denatured alcohol you would usually find at hardware stores. Denatured alcohol is just ethanol. No need for either as you need to get it running as quick as you can and run it for at least 10 minutes to cook the water out of the engine.
As mentioned if the engine wasn't completely shut down at zero rpm with the carb slammed shut then you may have destroyed the engine. Water ingestion has the force of a sledge hammer trying to take the jug off the block and you almost certainly bent the crank if it went in running. Once you hydro lock one it may still run and even run good but it will blow up very soon as it imprints the needles into the soft Zenoah rod journals and it flat spots all the needle bearings and damages the ball bearings also.
If you still have a Champion plug in it you should change to a NGK because the Champion will come apart and destroy the engine.
Last edited by danielplace; 06-08-2017 at 06:07 PM.