Check Engine Light is Flashing then Solid on 2002 Jaguar X-Type

Is it possible that a lot of rain could effect the emissions system to the point that the check engine light (CEL) comes on? It's been raining for days here and yesterday afternoon, the car started "spitting and sputtering" on my way home from work. It is possible that I could have gone through a puddle, but I don't recall. I could definitely tell the difference in the way the car was driving. Then the CEL started flashing. This morning the CEL flashed then was solid, then flashed again. It went through this cycle several times. Hubby switched cars with me to see the problem himself and drive it on the highway. He said when the CEL was flashing the car would not accelerate past 50 mph. When it was solid, it accelerated again. He thinks it could be as simple as wet wires from the rain or as difficult as a NOC sensor (which we replaced about two years ago). Any suggestions? Thanks!

Asked by for the 2002 Jaguar X-Type
you will need to have this diagnosed before you can assume anything. a good local Jag specialist should have the correct software to tell what's wrong. please tell hubby that there are no plug wires to get wet in the rain.
Thanks for the info. He already decided to take it in for diagnosis/repair tonight.