I submerged my '90 in a surprisingly deep creek.
Generally, modern bikes are pretty well water proofed as far as the ignition goes - you usually have to start sucking water into the carb to kill it. If you make a habit of super deep crossings (like front fender high), leave your airbox stock and snorkel on.
If you do drown out, haul the bike to shore somehow.
Pull the air cleaner off and wring it out to get the water off. Set the filter on a branch to dry. Pull the spark plug out.
Shut off the gas, pull the float bowl drain plug off and drain the carb. With the plug out, kick the engine over to expel the water. You might as well flip the bike upside down so any additional water can drain out the plug hole (push the kickstarter by hand).
Put the float bowl drain plug back in and install a new dry plug. Try starting the bike before you put the air filter back on, as if the filter is wet, the engine will suck the water off it and make starting hard. If you really went deep, you exhaust pipe will shoot out a stream of water when you get the bike started.
If you think you've sucked sand or silt in through your crankcase vent, change your oil ASAP. If you know you sucked in lots of sand and silt, sell the bike :p
Deep water is like riding with the brakes on and you don't want to stall, so keep a finger on the clutch and try to keep your forward momentum. If the water only briefly goes above the seat, you may get lucky and just have the engine cough if you pull in the clutch and gas it.
If you truly drown the bike, there is no such thing as a quick restart. If you are not carrying tools and a spare plug, it could ruin your day.