Water in the lungs or not specific procedures other than CPR aren't needed. The pressure caused by correctly done (alot of pressure!) is enough to force any present water out if it is even possible to do so. Imagine some type of container ala a baloon but not as stretchy (?) sitting on its side, you can push down on it and the water you put inside will squirt out even though the 'end' isn't facing down.
Even before all that the main point is to get the heart going, if that isn't happening all the air in the world going into the lungs won't make a difference, there is enough residual oxygen in the blood to make compressions the main priority...this is also why the american heart association is now promoting compression only CPR for most laypersons...most people wouldn't do the breaths anyway (too 'icky).