Water in line to gas. does this cause the oil light to come on and beep?

Hi,

Took the doo out yesterday and for the first time ever had trouble.
Its a 2001 with a 240 EFI. On monday I was cleaning and waxing the boat with some help from my neighbours kid. I told him I was going to hook up and garden hose and start the engine. I got the hose and turned the water on but did not return to the boat. In that time he un screwed the outlet for the gas tank (not the filler cap but the vapor release) and was "getting the water started" Not sure how much water he managed to get in there. But I hooked up the water to the right hook up and it started right away.

When I got to the lake and ran it. It of couse died and the oil light started to beep. it would not run. Of course the tank is full of gas. I am now going to drain the tank of gas and replace the fuel separator filter.

Question is will water in the gas line also cause the oil light to come on and beep?????