Wet under the Hood and then the transmission goes wierd!?

[suznal]

2005 ZXW (wagon)
Car runs fine, no major complaints – until it rains.
Car will operate just fine in a shower, but as soon as I hit standing water (enough to make a decent splash) the tranny (automatic) slips. It will go in and out of gear – I end up barely driving 10mph!
Sitting still, in drive or neutral, the engine idles fine.
Sice this only happens after driving through water deep enough (2 inches) to make a splash, I’m assuming that something is getting wet and confusing the heck out of the car. After an hour or so of sitting and drying out, the car is fine.

What do I need to check – I’m thinking a sensor? But which ones should I look at? Or perhaps there is another problem?

PLEASE HELP!

[Sponsor]