There is one made that fits with some minor changes, there's a handful of guys on alaska4x4network that would know which one.
They make sense if they're appropriate for the terrain you use. A lot of the moose hunters up here have them because moose tend to hang out in the same places as glaciers and beavers. There's a lot more to the setup than just a snorkel of course. If you cross a lot of glacial terrain though, it is very smart insurance. It only takes a small amount of water in the intake to drown the engine, and glacial rivers can go from 2 feet to 5 feet within inches horizontally, and those channels can change hourly. It's very cheap insurance for your engine that may be running at high rpms and throw a rod if it were to ingest water. Everything else is field repairable (or if you're smart, you've made it ready for fording also), but totaling an engine 3 days back in Eureka is going to ruin your hunt and leave you with no moose for the winter, not to mention potentially starting an emergency situation where you're stranded.
The hydrolocking through the exhaust thing is totally possible, but I have never had it happen to me or anyone I wheel with, and we spend a lot of time in really deep water. I think the exhaust usually would trap a bubble in there unless you shut it off while you were descending at a steep enough angle that the back of your manifold was higher than your heads, which doesn't seem very likely. Really, where is all that exhaust gas going to go? I really doubt the likelihood of the backpressure killing the engine...the cold water can make the engine run like crap so that it needs high idle though, but I've never had the backpressure do anything even with small ATV engines in water over their handlebars. Hell, I've shut my Big Bear off many times with the muffler underwater and it started just fine, still under water.