Engine Trouble Rode on wet pavement yesterday doesn't start tonight

Sounds like this all started after the engine got wet. Is there moisture in the mag. cover? Can you ohm out the mag. When you pull the plug and hold it on the engine with wire attached and spin rear wheel with the clutch out is there any spark. Was there fuel leaking out of the carb.
 
2 screws, a face plate, a little spring-tensioning washer and a rubber gasket - not complicated
 
What do you consider the 'gas off' position?
I have seen petcocks (fuel valves) fail before, but it usually results with fuel leaking out at the carb or valve.

The valve has 180 radius to turn with both ends allowing fuel to flow.
Off is the valve lever between the two preventing fuel flow, 90 degrees of total movement.
 
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