OK What was that? (popping noise on stall)

As the title really.

On my commute home on friday, set off out of Denbigh, heading on the main road back to the A55, and ran through an almighty pond. I say pond, because to get to the shallow part of it, I had to go on to the opposite side of the road! Before it was safe to do that, I had around 10 seconds of waves crashing against my knees because it was so stupidly deep. On getting out of the pond, clutch came in, and I revved the SV a bit, just to make sure there were no adverse effects. Great, she kept running!

So I rode approx another 20miles, with NOTHING wrong with the bike whatsoever, no bad performance, no strange noises, everything was ship shape (pardon the pun).

Pulled over for a coffee, drank said coffee & called home to let the Mrs know that the weather was crap. Went outside to start the bike & I got the following happen:

Started it up, I'm guessing she'd cooled down a lot, as the ECU kicked in the cold-idle of around 2500rpm, but then pretty much straight away, engine speed dropped back to normal idle (1300 ish), paused there for a second, then went down more, lights dimmed and she cut out on me. Next there was a pause of maybe a second or so, then a loud POP (note: not a bang, it was a pop!). This was loud enough to make me shout something inside my helmet that I can't possibly repeat on the forum because of the U-rating.

After recovering from the heart attack, I started her back up (pretty much immediately after she'd cut out), and everything functionned as normal. To make sure there were no popping noises that would happen whilst I was riding along, I let her warm whilst I finished putting my gloves on, then bounced it off the rev limiter untill I was giddy

So, oh wise ones, what's your thoughts? I've not had any performance/noise issues before or since this incident, but I'm putting it down to 2 theories. Either a) wet front plug or b) water in the exhaust. More theories welcome

Thanks in advance

little backfire?