20 inches. It is obvoiusly possible to go deeper with modifications and proper technique. I second the bring a spare crankshaft position sensor comment. I don't think mine failed bacause of a water crossings but I did replace it at 100K miles. There is no limp home without it so it is a must to carry as a spare. It is easy to change and can be done on the trail in a couple of minutes.
From the DII owners manual:
WADING
The maximum advisable wading depth is
20 inches (0,5 m).
Severe electrical damage may occur if the
vehicle remains stationary for any length of
time when the water level is above the door
sills.
If the depth of water is likely to exceed 20
inches (0,5 m), the following precautions
should be observed:
•Fix a plastic sheet in front of the radiator
grille to prevent water from soaking the
engine and mud from blocking the radiator.
•Remove the CD autochanger*.
•Ensure that the silt bed beneath the water is
free of obstacles and firm enough to
support the vehicle's weight and provide
sufficient traction.
•Ensure that the engine air intake is clear of
the water level.
•Select a low gear and maintain sufficient
throttle to prevent the engine from stalling.
This is particularly important if the exhaust
pipe is under water.
•Drive slowly into the water and accelerate to
a speed which causes a bow wave to form;
then maintain that speed.
At all times, keep all the doors fully closed.
After wading
•Immediately after wading, remove any
protective covering from in front of the
radiator grille.
•Drive the vehicle a short distance and apply
the foot brake to check that the brakes are
fully effective.
•DO NOT rely on the parking brake to hold the
vehicle stationary until the transmission has
thoroughly dried out; in the meantime, leave
the vehicle with the gearbox selector moved
to park (‘P’).
•If the water was particularly muddy, remove
any blockages (mud and leaves) from the
radiator to reduce the risk of overheating.
•If deep water is regularly negotiated, check
all oils for signs of water contamination -
contaminated oil can be identified through
its ‘milky’ appearance. In addition, check the
air filter element for water ingress and
replace if wet - consult a Land Rover dealer
if necessary.
•If salt water is frequently negotiated,
thoroughly wash the underbody
components and exposed body panels with
fresh water.
NOTE: Vehicles required to undergo frequent or
deep wading conditions will require more
frequent servicing. Contact a Land Rover dealer
for advice.