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I would definetly let the Ford Dealer that you bought it from fix what ever is wrong but I would keep the CAI; it does not sound like that is a problem. The most obvious thing is to lose that wrecker companies phone number.
This is why I would NEVER purchase a used 2005 - 2008 Mustang without first taking it to car wash and running it through 4-5 times. Of course, I do not know of a dealer who would let you do that. I hope that Ford fixes the water leak with the redesign coming in '09 or 10.
Damn dude, I amsorry to hear that.
If the car drove fine with the intake before the washing then the intake is not the issue, I am betting on a water leak.