That first fight between them now raises an interesting point. Kong left in a pretty nonchalant way - he didn't go scampering off, but just walked away. Granted, neither of them could die at this point in the film, but was Godzilla really the victor? Was Godzilla fighting at his absolute top or not? I'd say he wasn't, and Kong - never having fought a fire-breather before - was confused and left to sort things out.

On a side note, Kong fights another creature in the film, but Godzilla doesn't (the military doesn't count, because when do they EVER count).

In the second fight Kong learned from the first fight and tried plugging up Godzilla's mouth, something I don't know any other monster ever doing.

Once under the water, Godzilla couldn't use his flame-breath as he seems incapable of using it under water. Even though Godzilla can breathe underwater he couldn't if Kong was strangling him. That being the case, I see Kong got G into a strangle-hold, G fell unconscious (as he has before and since) and Kong swam away.

Winner, Kong, by a KO and not a death.

"I live the unknown, I love the unknown... I AM the unknown."