NetDoc:The cause of the initial water in your reg is important to figure out. It could have been as simple as an exhaust valve malfunction or a crack in the housing or diphragm. The latter two would continue to leak during the rest of the dive.
I just had the set up inspected and the high pressure hose replaced a month or two ago. I suspect that it had more to do with learning to dive with a new labret piercing and panic together, though I'm no longer sure if taking a deep drink happened before or after the panic. Metal through your lip makes a few changes in your ombeture.
Oh, and dherbman - bingo, not the clown-o. I've been diving less than a year.
FWIW, my buddy reported difficulty drawing air from his rental reg at that depth. No clue on the model though.