Hey Ron,
Mines cut out open to the elements, and actually, every Cobra I have ever seen has been the same way. I don't think most people drive them in the rain, but I'll bet you could get something like a K&N filter which requires a little
oil be sprayed on it. At least with some
oil, the water may dissapate.
Jim Downard
P.S. The classic roadsters on e-bay wound up going for $8500.