ORIGINAL: kiswa
And it probably wouldn't be very good to get a non-combustible, corrosive substance (water) into your combustion engine.
If you're using an electric motor... do I really have to say what water and electricity do?
Not usually much of an issue with brushed motors... running them underwater is an accepted method of breaking them in(to seat the brushes). There's not usually enough bare conductor or power in our models to be affected by rain, as long as the battery, speed control and receiver are kept dry.