Normally, I would just read this and chuckle. However, I'll respond to two points in this post.
1) Water will not trash a K&N air filter. When you clean a K&N air filter, you have to rinse it off and dry it. [Besides, how do you get it that wet while it's installed, anyway?]
2) If the sensor you are referring to is the IAT sensor (it looks like a plastic loop around a little plastic bead with two wires coming out of it), you can just use a wire tie to keep it from flopping around while you look for a way to install it into the filtered air stream. I did that until I had time to make a hole in my air filter base on my car (I used the bottom half of an SVT 'airbox' as an MAF adapter plate). Since you are getting a CEL you may want to reset the computer memory by pulling the fuses (#4 & #11) in the fuse box next to the battery. You only need to leave the fuses out for a few minutes (you can disconnect the battery instead, but then you will need to reprogram the radio presets and reset the clock).
HTH
Mike
