ClaptoVaughn,
Yes, water works wonders. I'd also caution against any high pressure spray in the area of the distributor, sheesh, prolly any high pressure is a bad idea with all of those computer control doohickies around. One other thing to keep in mind is not to hose down the engine when it's hot, wait until it's cool.
A little mud here and there won't hurt anything. I've seen some people's engine bays and been amazed at how dirty they were. I'd suggest keeping the engine bay as clean as possible though as when leaks do develop, it's much easier to pinpoint a source on a clean engine than a dirty one.
Bogatyr
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2001 Nissan XTerra XE 40k
1984 Honda CRX 1.5 83k
1970 Land Rover IIa 88" 41k
1966 Land Rover IIa 109" 35k