I received some water in the engine compartment and afterwards,
the car started to running sluggish (missing) in first adn reverse
gears. Is this something I should be alarmed about or will it
work itself out after the engine completely dries out? Thanks!

Can I try anything to help first and reverese gears...

 

Sounds like you probably sucked some water into your intake air system. Regardless of if the intake is cold air induction type or orignial equipment, I would start by checking the filter element for being soaked and also the air passage before the air filter for water accumulation. Does it look like water may have splashed way up into the engine area. If so then also try removing the spark plug wires and make sure that water is not down inside the spark plug wells in the cylinder head.

 

Sounds like you probably sucked some water into your intake air system. Regardless of if the intake is cold air induction type or orignial equipment, I would start by checking the filter element for being soaked and also the air passage before the air filter for water accumulation. Does it look like water may have splashed way up into the engine area. If so then also try removing the spark plug wires and make sure that water is not down inside the spark plug wells in the cylinder head.

 

if there is water in the cylinders, i would just put in a new set of spark plugs and throw in a fuel treatment, preferrably something with ethanol since ethanol dissolves water.