A couple of misconceptions being givin as fact in this thread are: Buddy Bearings are designed to re-grease trailer bearings and some water in the wheel hub is not bad.
Buddies are designed with a spring loaded outer seal that can travel in or out thus allowing a warm hub to be submerged into cool water without the instant temperature change and resulting negative pressure sucking water past the seals and into the hub, period. Any amount of water or water vapor in the hub will break down the lubricant and begin a corrosion cell within the hub which will, if left uncorrected, lead to failure of the bearing.
The good advice that has been given is the job of repacking wheel bearings is just not that tough or is not that expensive to have done if one does not like getting their hands dirty. This is a maintenance task that should be done on an annual basis.
Considering the hassle and cost of re-building a spindle/hub assembly as opposed to regular maintenance is a no-brainer. Also, consider that wheel and hub assembly coming loose on the hiway is a 100lb out-of-control object hurtling down the road that could easily injure or kill other folks. Just sayin that properly repacking bearings is the only way to go.