General :: LG Optimus G2X - Waterlogged Phone Freezing On Wake

I have a LG Optimus G2X (p999), running CM7.

The phone got waterlogged being in a backpack during a thunderstorm. The common "overnight-in-rice" remedy worked to dry the phone. On power up everything seemed fine except for one thing, the notification that says "Safe to remove SD Card". Upon further inspection it seems to be irrelevant to the real problem, as the sd card is still readable and writable by the phone.

The phone "freezes" after allowing the phone to sleep (locking not necessary for the problem to occur). After the screen goes off for more than a few seconds, then next wake action will turn on the screen but the system will not respond. Only hitting the power button seems turn off the screen. From that point onward, no key is responsive (screen will stay off). The cause seems to be caused by the following logcat message

[ 09-12 16:36:26.434 1110:0x495 W/SharedBufferStack ]
waitForCondition(LockCondition) timed out (identity=67, status=0). CPU may be pegged. trying again.

This warning is spammed from the point of "freezing" untill I pull the battery. Also the following message seems to be an indicator as to why the phone won't wake again.

[ 09-12 16:36:26.991 1110:0x497 D/KeyguardViewMediator ]
wakeWhenReadyLocked(26)

The problem is difficult to debug because I cannot debug it, literally. The problem only occurs while on battery power. Connecting the cable to a usb port stopping this problem from occuring.

Things I've tried
-Airplane mode (to eliminate any communcation device as being the problem)
-Loaded an entirely different rom (Paranoid Android CM9 Based)