Just replace the %#$# filter!  Here's why:
1.  Water can soak into the filter element.  Alcohol won't completely 
remove all the water (you really want to know the chemistry?) and 
this can cause problems ie deterioration of the paper fabric.  Also, 
it can have a cumulative effect and raise havoc at a later stage.

2.  Look at the water sometime that drains out of the tank in your 
lawnmower-- it's not a pleasant sight with all the impurities.  The 
same is goin on in the water in your gas tank.  Some of the grunge is 
water soluble and hence travels with the water, contaminating the 
filter material further.  

3.  Water has the irrascable property of 'rolling around' in your 
fuel system for a long time-- not just 'passing thru' as one might 
think.  When the water sits in a little bead in a fuel line or at the 
top of an injector pintle, it causes a spot of corrosion. Add THAT to 
your list of things to fret about at night.

4.  If you think a filter is expensive you should cost out replacing 
4 injectors!