If you don't have a starter sitting on a shelf to put in there, It would be a good idea to protect the pistons/cylinder from further damage. You've got a bit of work ahead of you to save the motor.
If you have to wait on shipping for a starter, I'd fill the motor with 2 cycle oil while you wait.
Upon receipt of the starter, you will have to drain the motor (best you can). Either flip the whole ski over, or pull the motor.
I'd suggest pulling the motor. Installing a starter is much easier, and you can drain it better. (turn the crank slowly while draining)
Get a bud to help. It's not a one man thing.
BTW: water does not compress. Your pics and decription look/sound like you ingested water for sure. Act quickly. You could waste the motor. (even if the starter is bad, it could be the least of your problems)