Free: Contests & Raffles.
In my experience (VW/Audi) when the CEL flashes while driving it is indicating an excessive amount of misfires. Given that you had water on the distributor this would make sense. If it misfired for long enough it is possible that enough unburnt fuel reached the catalytic converter and pretty much set it on fire. The sparks coming out were probably pieces of the material inside the cat. The engine sounds throatier because the cat is not as restrictive anymore. Once everything dries out it should return to running like normal, but you might have a CEL for the rear O2 sensor (measures the effectiveness of the cat at reducing emissions) if the cat is compromised. Try taking the truck to Autozone, they can scan the computer and tell you what codes are stored for free. Will give you an idea what was going on.
Usually a CEL flashes means don't drive condition.