I can't comment on the white smoke, but part of the poor performance / stalling may be a result of water affecting the MAF sensor on the intake elbow between the airbox and the turbo inlet. Pretty sure that (but don't quote me) these are a hot-wire type, meaning that if they get wet, their readings will be nothing like the actual air flow, and as a result fuelling and other ECM functions will also be out of whack. 
Oftentimes when a sensor like this reads/returns a nonsense figure to the ECM, it will default to a safety map in the ECM which may result in some if not many of the symptoms you describe. 
I'm not aware of an aftermarket replacement to the OE airbox, but could be tempted to hear more if you find an option. 
As for a fix, work on a way to get water out of that airbox, and work out a way to get it sealed to OE specs. Yes you've had a bit of rain up there, but to get a few litres in the bottom of an airbox is a bit outrageous.
				
			 
			
		 
			
				
			
			
				-Mitch
'El Burro' 2012 Defender 90.
			
			
		 
	
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