K&N Cone front mount... water concerns?

I have my K&N cone currently mounted in the front corner where the OEM stock filter was. Its tight but works well.

I always wanted to route it outside the engine compartment for a front mount intake but am baffled as to what would happen with excessive rain getting at it while driving? I try really hard not to dry it during in anything but nice weather but sometimes it just happens. I don't expect to hit huge puddles or anything like that but just your basic rainfall while highway driving. What happens to the cone when all that water gets thru the nose and into the filter?

I have one mounted beside the radiator as it comes through the radiator support wall. It's not elegant or fancy but it was inexpensive and functional. I have not had a problem with water as it is high enough not to catch a lot of splash.

Article here: http://turbotbird.com/techinfo/PeteKN/PeteKN.htm

Thanks Pete... great idea and write up. I will have to put this retro fit job on my "To-Do List" unless Santa shows up with a front mount inter-cooler set-up for Xmas