No, not really. You can install a snorkel, electric fan, and seal your ignition system, but there is always the possibility of water seeping in past the seals in the axles transmission and engine, and also damaging electronics.
its like waterproof watches,maybe water repellent but not proof.even though carolina growler has a video of my machine totally under water,check out the video carolina growler.com
buddy of mine has his Tj down with a transmission problem caused by water. the top of an auto trans has a breather vent that will allow water in and ruin the trans. $3000 is the rate he was quoted to rebuild.