This is not necessarily true. While hot air does rise in a static environment, turbulence inside the engine bay can force the hot air down and out the trans tunnel if a high enough pressure wave of cooler air is forced in. Also, the area where the hood meets the windshield is a low pressure zone designed to pull air in for hvac purposes. So, it will pull exterior air into the engine bay through the coweling area. This is just science. Whether or not this is a bad thing for engine bay cooling is another question entirely. As far as water getting in...thats another question as well.