1987 Chevy Camaro car bucking upon acceleration

I didn't see a puddle in the road and drove into it. Have ram air intake and flow masters. Removed spark plugs to force the water out of engine. Car drove wonderfully and then all of a sudden it developed a severe loss of power, sounds like it is sucking air. The flow masters sounds right and then they get quiet. Once the check engine like come on the it runs fine until trying to accelerate. Then it starts severly bucking. Everyone I have spoken to about it say it is the caty converter. Will you advise?

Thanks, Jennifer[img:a0325838db]http://www.2carpros.com/forum/automotive_pictures/316776_HPIM1256_1.jpg[/img:a0325838db]