I got some water damage on my DroidX as well. I was stuck in a bootloop on a Liberty ROM. I SBF back to Motorola software with no luck. The phone would only boot in a safe mode configuration (booting with Menu button + power button).
I figured out that if you hold the volume Down rocker and power button when booting up, it will boot up succesfully.
When the phone boots up, the menu button always brings up the voice search option. Weird.
So... to access in app menus hold the volume down rocker and press the menu button. Seems to be a good work around to having no menus brought up when pressing the menu button!