I am not 100% on brushless motors but with brushed motors you are absolutly ok if you get them wet. People acually break in brushed motors by basically dunking them in a glass of water. I would makes sure to spray a little motor cleaner or something in there and make sure the bearings still roll freely.

As for the rest of it, here are some waterproofing videos.

http://www.youtube.com/watch?v=792xio8mpZ8

http://www.youtube.com/watch?v=iFTFP...eature=related