You can...

I have this 1.5" tear:

[tinypic.com]

Should I be worried about water or debris getting inside? Should I put some tape over it when it rains?

... patch it on the inside with a piece of canvas glued onto it.
Then, you can sew around the tear in order to strengthen it.
Using black thread, the repair should not be very visible.
Happy Boxstering,
Pedro

Pedro Bonilla
1998 Boxster 986 - 311,000+ miles: [www.PedrosGarage.com]
PCA National Club Racing Scrutineer - PCA National HPDE Instructor - PCA Technical Committee (Boxster/Cayman)

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Racecar spelled backwards is Racecar

"Racing is life. Anything before or after is just waiting" ... Steve McQueen as Michael Delaney in "LeMans"

"If you wait, all that happens is that you get older"... Mario Andretti

"Being second is to be the first of the ones who lose" ... Ayrton Senna

Do you think I should be worried about water, e.g. rain, getting in? It seems unlikely any water would do any damage since the tear is closed I would think any water that got inside would be absorbed along the sides and not drip.

Pedro Bonilla
1998 Boxster 986 - 311,000+ miles: [www.PedrosGarage.com]
PCA National Club Racing Scrutineer - PCA National HPDE Instructor - PCA Technical Committee (Boxster/Cayman)

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Racecar spelled backwards is Racecar

"Racing is life. Anything before or after is just waiting" ... Steve McQueen as Michael Delaney in "LeMans"

"If you wait, all that happens is that you get older"... Mario Andretti

"Being second is to be the first of the ones who lose" ... Ayrton Senna