Fixed, it is running fine again. My diagnosis as to what is not working was entirely correct, however, my diagnosis as to what was the core cause was wrong. The coil died, well half died, somewhat strange, I mean it was firing only one plug, or at least it seemed so. Anyhow, replacing it with a spare from from my old 1.1 engie did the trick. I actually suspect that the water was only the final killer, the car had slight problems keeping the AFR on very light loads for the last month or so that I was atributing to driving on an almost empty tank.