Bump for some help.
Welcome to Rhinotalk from Idaho.
I'm new to the whole ATV thing myself actually, and like an idiot bought an ATV rather than a Rhino 1-1/2 years ago and have regretted it ever since.
However, your belt issue shouldn't be a problem really, drain the water out, let it dry out and it should be ok. If I were you I'd take the cover off and check the belt and make sure its not damaged, and make sure there isn't any dirt (which I bet there is) left in the housing.
Some more savvy guys should chime in here pretty soon to give you a better idea what you need to do.