Mike, I'd have loved to have an ice cold creek on either of those hunts, but I'd far prefer to have a barrier between the water and the meat. That said, it would be unlikely to putrify (rot) in the water, but I'd be leery of the microorganisms that would come with immersion; tend to agree with rougheye there. Likewise, some issues with meat quality allowing it to soak in water. If it was that or rot, I'd do the immersion, then trim everything of the exterior prior to processing; either way, a lot of waste.
However, if I could seal the meat in plastic, and keep it dry and cold in a creek, that would be very fine.