Pull the hub & bottom bracket bearings apart. Even though they're sealed well enough against road spray, they won't resist that kind of soaking. The water will do bad things with the grease if left for too long, which will then result in bad things happening to the major bits. Maybe even leave them open for a day or so before repacking just to make sure there's no water left in the frame & hubs.
Water has probably also entered the wheel rims through the spoke holes. Take the tyres, tubes & rim tapes off & allow the rims to dry out internally; water trapped for a prolonged period could trigger corrosion within the rims.
Last edited by The Duckmeister
on Mon 02 Jan 2012, 11:35 am, edited 1 time in total.
Just ride the bloody thing and enjoy yourself!