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I buy lots of boxsters that were written off as flood damage. There's a big difference between a wet immobilizer and an actual flooded car. If the water made it up that high, then you might have gotten water inside the engine, transmission and exhaust. I've bought two that were that flooded or more. Surprisingly water did not make it into the transmission but they were both 6 speeds. 5 speeds and tiptronics might not be so water tight. The engines were another story. Both had about 5 gallons of emulsified oil/water in them. One of them I cleaned it out as good as I could and flushed it a few time with clean oil. I then put that 3.2 motor in my boxster and put 1000 miles on it. It ran great and had good compression before and after. I eventually took it back out to put a 3.4 back in my boxster. So what I'm getting at is that if you flush out the engine and or transmission quickly, you might be able to save them. I sold both flooded motors to an engine builder at a great price. He took them apart and said they looked beautiful inside with no damage. That's the good part about buying a flooded porsche. Electronics is another story. Anything and everything water could touch was shot. I guarantee your fuse block is majorly corroded. Even parts that were not touched by water got shorted out. That car you bought will be an electrical nightmare if you attempt to fix it up. You're best off selling it for parts or parting it out yourself.
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Woody
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