Dude, don't sweet the water, it shouldn't do any damage. I have a 67 Bug with the top of the deck lid open 2 inches and I never had any issues. The coil sits right up top an can be seen clearly if you lok down through the top, so it gets wet all the time with no issues. I've had snow fill up the engine compartment and it still not effect the electrical system.
I sprayed my hood off yesterday while the engine was running and nothing happened, I was using a pressure washer too. Water will go down throught the hood and hit the exhaust and radiator, so nothing there will be effected, just makes sure that if you have some type of filter on the end of you intake pipe that it won't be under one of the openings. I have actually sprayed down my engine and gotten my filter wet and nothing happened. You just don't want to submerge the damn thing though.