Well, the problem with water in the combuxtion chamber is not that it mixes with oil, that would not happen because water and oil do not mix!
However, water in the combustion chamber can deminish the combustion of the gasses, and suck some power out of the engine. and it takes a sufficient amount of water to flood the combustion chamber of an engine that revs around 17000 RPM. Think about it.
Fact is, water RARELY gets into the combustion chambers because these cars are going fast. Its similar to driving in the rain with your sunroof open (I know it sounds stupid). not much water gets into the interior because of the speed. Similarly in an airbox of a formula 1 car, the water hits the back of the airbox, and gets pushed down and back, and leaving the intake trumpets free of most of the water. Furthermore, the trumpets are slightly elevated above the bottom of the airbox. So, the only way that water would get in is if the car was going really slow
There are many solutions to this problem, and I'm sure that every engine has a slightly different way of solving it.