That is exactly the problem, I'll bet. It can be intermittent too. I replaced the ignition pack on the driver's-side front cylinder when it happened to me, but saw that the water down in the hole when I was replacing it. The water shorts/grounds the ignition pulse, so no spark and it feels like it's not running on all cylinders.

It IS possible to burn out an ignition pack, but try drying it out first.

Good luck!!