Yes, this can happen anytime water enters a cylinder on an intake stroke. Water, like oil will not compress. Something else has to. Bearings will crush, connecting rods will twist or pistons will break.
Worked at a shop that had a customer take a motor we built for him and hydro locked it. Boss had me take the heads off, I was standing over it amazed that all the pistons on the one bank had turned roughly 90*. Course the customer claimed he did not take the truck into the muck....
