Re: UPDATE:
If there was a lot of water that got in the carb, that may be the problem. Check the oil again, if it's milky, change it again with a NEW filter. Once u get it running it will probably need to be changed again once the new oil circulates with the water in the engine parts. Make sure all electrical connections such as the coil, distributor, [inside and out] are dry. And go easy with the starting fluid, the **** is not good for an engine.