I'd keep it out of the water! Eboli(?) Ecoli(?) . . . whatever it is, it will make ya poop funny if you drink it. BUT . . . if you can, hang it in the shade near or even over a creek because it will definately be cooler there. Also, obviously, skin it, quarter it, andeven bone it out if you can or know how. And by all means, put it in game bags (quarters). Sometimes skinning it right away is not an option, especially if you have to "drag" it out of the woods. I try to bring enough water from home to wash meat off, but I never dosoak it in water.
I'm not of the school that believes meat goes bad all that fast if you take some of the above precausions. Remember, they age beef for several days until it gets slimmy. Wild game benefits a lot from aging as well.
Ultimately, all you can do is the best you can do.
A lot of guys like to "show off" their harvest and hang the whole thing from a tree with the hide still on it. I'd rather eat it than look at it.