Well, I don't think you should reconsider diving, but I think you should look at what you can learn from the experience.
First off, you found out that equipment can fail. Today's stuff is so reliable, it's easy to lose sight of that. You should always dive with the thought in the back of your mind, "What will I do if . . . "
Second, you found out that you don't panic and bolt. This is a FABULOUS lesson. It's one you unfortunately can really only learn from having been put under significant stress, and you got it early (so did I). Believe it or not, this will help you stay even more composed in future stressful situations. But . . . although you didn't panic, you weren't thinking the whole situation through as well as you could have. I'm assuming you had a secondary, or octopus regulator of some kind? You could have switched to that when the primary began to deliver water, and could at least have seen if that one would breathe drier. (Now, you aren't certified, so you may not ever have done regulator switches as a drill -- which is a powerful argument for why full certification is a good idea if you are going to dive repeatedly!)
Third, you learned that, even when the viz is fantastic, a buddy 25 feet away is no buddy when it comes to a gas emergency. Many people get quite complacent about buddy skills in warm, clear water; you can't breathe that any better than you can breathe the cold, green stuff. One's buddy should never be further away than one is comfortable swimming with no air. I have tried this as a drill, and 25 feet is the absolute outside limit, and I much prefer ten feet or less.
Next, you have learned why so many people own their own regulators. I don't know what the "pop" was that you heard, but having two regs breathe wet when you were head down suggests to me that this is a model which doesn't breathe dry if it's upside-down. There are regulators like that, although most of them won't let in as much water as you're describing. At any rate, when you own your own regs, you can decide only to consider models that breathe dry in all positions.
At any rate, there are a bunch of lessons here, and the constructive way to deal with the experience is to think it through and debrief yourself . . . Where did you do things right, that you should remember for next time? Where could you have done better? What preparation might have aided you in handling things better? You take the answers to those questions and become a better diver with them.