Ignition ground Please help

I have a 1990 900 turbo and was just (about a half hour ago) driving down 2nd avenue in Manhattan and my Anti-Lock Brake light came on. I noticed it and the engine started to sound ?off? and then I stalled and pulled over got a jump and thought I was fine. It was idling a little lower than normal but not significantly lower. I made it 5 blocks the check engine light and Anti-Lock Brake light came on and all the electrical systems seemed to dim and it was not firing right. As I gave it gas it would still drop in RPMs. I did drop the key in the snow before I started it and got most of it off but when I looked after stalling once there was a small amount of water around the ignition. Question????? Could a small amount of water getting into the ignition cause a ground that would short the battery and not let the alternator maintain it?