Granted I do not have a MS3, but hydrolock IS an issue with a CAI.
A few months ago I was driving in PA when a freak T-storm hit. It rained hardcore for 15 minutes, then died down. Well, flash flooding was a major problem, and as I was driving home, I was going under an overpass at 60 mph, and the road was flooded. I hit it,a nd instanateously, every dash light came on, and the engine stalled. Granted, this is I-95, not some piss ass cow-path. Everyother stock car made it through no problem. The impact of the car hitting the water actually knocked the filter right off of the pipe (and yes, it ws on tight). Luckily, I saw the puddle coming and I shifted to Neutral and took my foot off the gas. I am 100% convinced that if I were on the gas, I would have blown an engine, bent a valve, etc. If you dont think CAI make a difference, I challenge you to break down on I95 in the middle of a travel lane.