Kentucky Derby to be held underwater?

Here's the regional forecast from the National Weather Service:

THE NATIONAL WEATHER SERVICE IN LOUISVILLE HAS ISSUED A
* FLASH FLOOD WATCH FOR PORTIONS OF INDIANA AND KENTUCKY...
 
* FROM SATURDAY MORNING THROUGH SUNDAY EVENING.
* A FRONTAL BOUNDARY WILL APPROACH THE AREA FROM THE WEST AND
  STALL OUT ACROSS THE REGION BY EARLY SATURDAY MORNING.
  WIDESPREAD SHOWERS AND THUNDERSTORMS WILL ACCOMPANY THIS FRONT
  FOR MUCH OF SATURDAY MORNING...BUT WILL DECLINE IN COVERAGE BY
  SATURDAY AFTERNOON OR EVENING. THIS FIRST EPISODE COULD PRODUCE
  RAINFALL TOTALS FROM 1 TO 2 INCHES. A SECOND MORE POTENT FRONT
  WILL APPROACH FROM THE WEST SUNDAY MORNING INTO EARLY SUNDAY AFTERNOON WHERE
  EVEN HEAVIER SHOWERS AND THUNDERSTORMS ARE LIKELY. ANOTHER 1 TO
  2 INCHES OF RAINFALL WILL ACCOMPANY THIS SECOND EPISODE...WITH
  WIDESPREAD RAINFALL TOTALS BY THE END OF SUNDAY RANGING FROM 2
  TO 4 INCHES. LOCALLY HIGHER AMOUNTS OF 5 OR MORE INCHES OF
  RAINFALL IS ENTIRELY POSSIBLE.
* SHOWERS AND THUNDERSTORMS AFFECTING THE AREA THIS WEEKEND COULD
  CAUSE HEAVY RAINFALL FOR SEVERAL HOURS...AND TRAIN OVER THE SAME
  AREAS LEADING TO A SIGNIFICANT FLOODING THREAT FOR THE REGION.
  WITH THE EXTREME LIKELIHOOD OF HEAVY THUNDERSTORMS...AND LOCALLY
  HIGH RAINFALL TOTALS OVER 5 INCHES IN PLACES...FLASH FLOODING IS
  VERY LIKELY THROUGHOUT THE WEEKEND.

Totals over five inches? Baglady, I think we're about to get ALL your missing spring rain. In two days.

Farther down the page, they say:

324 PM EDT THU APR 29 2010 /224 PM CDT THU APR 29 2010/
...AN ACTIVE WEATHER PERIOD
[I love that phrase "active weather period"]


IS EXPECTED EARLY SATURDAY MORNING
THROUGH SUNDAY NIGHT WITH HEAVY RAINS...STRONG TO SEVERE 
THUNDERSTORMS...AND FLOODING LIKELY...
STRONG SOUTHERLY FLOW WILL SETUP FRIDAY...ALLOWING FOR A LARGE
AMOUNT OF WARM AND MOIST AIR TO FILTER INTO OUR REGION FROM THE
GULF OF MEXICO. THIS MOISTURE ALONG WITH AN APPROACHING FRONTAL
BOUNDARY AND MULTIPLE UPPER LEVEL DISTURBANCES WILL RESULT IN
SEVERAL ROUNDS OF SHOWERS AND THUNDERSTORMS ACROSS THE OHIO VALLEY
THIS WEEKEND.
THE FIRST EPISODE WILL TAKE PLACE SATURDAY MORNING AS A COLD FRONT 
APPROACHES FROM THE WEST AND STALLS OUT ACROSS THE AREA. A LARGE 
AREA OF SHOWERS AND THUNDERSTORMS CAN BE EXPECTED...WITH A FEW 
STRONG STORMS BEING POSSIBLE. THE MAIN THREAT WITH THESE STORMS 
WOULD BE STRONG WINDS AND SMALL HAIL. HOWEVER...THE BIGGER THREAT 
WITH THIS FIRST EPISODE WILL BE HEAVY RAINFALL WITH 1 TO 2 INCHES 
LIKELY. WITH THE FRONT STALLED OUT ACROSS THE REGION ON 
SATURDAY...SCATTERED THUNDERSTORMS WILL BE POSSIBLE DURING THE 
AFTERNOON HOURS AS WELL...BUT THESE STORMS ARE NOT EXPECTED TO BE 
STRONG. 
A SECOND MORE WIDESPREAD ROUND OF SHOWERS AND THUNDERSTORMS IS 
EXPECTED SUNDAY MORNING THROUGH EARLY SUNDAY AFTERNOON AS STRONG LOW 
PRESSURE MOVES ACROSS THE AREA. STRONG TO SEVERE THUNDERSTORMS ARE 
EXPECTED DURING THIS TIME FRAME. THE MAIN SEVERE THREATS WILL BE 
DAMAGING WINDS...LARGE HAIL...AND ISOLATED TORNADOES. THOUGH 
AGAIN...THE BIGGER THREAT WILL BE HEAVY RAINFALL WITH ANOTHER 1 TO 2 
INCHES OF RAINFALL BEING POSSIBLE WITH THIS ACTIVITY.
TOTAL RAINFALL AMOUNTS OF 2 TO 4 INCHES ARE LIKELY THIS
WEEKEND...WITH SOME AREAS PERHAPS SEEING AS MUCH AS 5 INCHES OR
MORE. THIS MUCH RAINFALL IN A SHORT AMOUNT OF TIME WILL LIKELY
RESULT IN FLOODING PROBLEMS...

"likely result in flooding problems"-- ya think???

So if you're going to bet on the Derby, the forecast says to pick a mudder. 

(Or possibly a horse who's been doing equine water therapy...)

[edited to say I tried to fix the formatting, and it looked fine in preview, but now it looks like this again. Drat.]