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My understanding is that if the explosives are dry but other parts involved with the firing mechanism corrode to a certain point, the munitions can still explode. Supposedly, the risk is higher from torpedos and underwater mines.
I’m not an expert and am just repeating what I’ve heard, so I wouldn’t necessarily bet on it during a bar argument.
The threat of major environmental damage is pretty significant though. For example, right now there are a lot of small oil leaks but no massive ones. However, if one of the ships were to collapse, its fuel tanks may open catastrophically.
[Here’s an article](http://www.cnn.com/2009/TECH/science/02/26/undersea.munitions.cleanup/index.html?_s=PM:TECH) from a few years ago about an area off of Puerto Rico that discusses similar dangers.
And, [here’s one](http://news.discovery.com/earth/weather-extreme-events/shipwreck-oil-spill-uss-arizona-110722.htm) that discusses oil contamination risks.