Not sure where the air intake is on a petrol S40, but if it has pulled in enough water to hyrdaulic the engine, you would have had MUCH more than a misfire and stop. Major water ingress = solid engine, HORRID noises, and sudden jarring stop as incompressible water and moving bits come into conflict. Your symptoms sound much more like water having got into the ignition system somewhere, and killed the spark. I'd try sticking the car in a nice warm garage, with a fan heater blowing into the engine overnight to dry it off, and see what you get then. If the engine was at running temperature when this happened, a lot of water will evaporate off with the residual engine heat as well.