I had an AEM CAI with a body kit (no inner fenders or plastic skid plates) and never had a problem with it (4+ years). Just don't drive with your right front tire in a foot of water. If you are really worried about it you are still gonna spend less than $200 in buying a bypass valve and filter.

SRT4's intake at a much higher velocity so that could be why a CAI for it has a hydrolock issue.

BTW the whale penis isn't CA but makes hella noise on a B-series Vtec