Yeouch! I second the condolences on your drowned kit.
The E-420 is still the reigning lightweight dslr champ. For a little more weight and bulk, the E-620 adds effective in-camera IS and an articulated display--both are true productivity tools, not mere gadgets. Alan Dixon reviewed the 620 a few months back, if you've not seen that yet.
µ4/3 offers a world of lightweight possibilities but the CDAF focus speed remains a half-step behind dslr phase-detection AF. They add truly useful video to the equation, in case that's an attraction, and the latest EVFs are literally brilliant.
I'm not well versed in Pentax's offerings, but they're unique in having water-resistant bodies that are relatively compact and light. (Oly's weatherproof E-3 is a tank, by comparison.) Pentax also has beautiful compact primes. Might be worth a look as well.
Happy shopping, I hope you end up with a system that fills all your needs.