Water will start the process of corrosion of the legs of components on the pcb. Particulalrly at risk are the legs of the crystal, or resonator, if they are the flat profile kind. Water will also begin corrosion of any exposed copper tracks on the pcb itself. Depending on the structure of the board, it is possible that it will cause delamination of the base material.
Alcohol evaporates quickly, and is far less likely to cause these kind of problems.
Lee, March 2007