Ok, I got really curious and I can't seem to find anywhere else what exactly happens to an engine that is "waterlocked". I've gone looking across google's great expanses of knowledge, but I can't turn up the answer I'm looking for, so I thought I'd ask some helpful people that tend to know what they're talking about

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Now I know what causes this, but I never knew what exactly happened to the engine to cause it to stop working altogether, and/or how it can be fixed. Would anyone care to shed some light on this for me so I can stop being an uneducated heathen?