An MD80 First Officer reported that his ND and PFD failed in flight. Crew inadvertantly ran QRH for Left PFD resulting in loss of both PFD's. Returned to a nearby airport where maintenance reported a large amount of water in the E and E compartment.

Narrative

After takeoff passing 300 FT AGL; First Officer; pilot flying PFD (pilot flight display) and ND (navigation display) on First Officer side went blank. Captain took controls and continued climb to 15;000 FT. First Officer got out QRH for Loss of Right PFD and ND. First Officer pulled/reset Symbol Gen-1 power circuit breaker. Captain's PFD/ND went blank. Circuit breaker would not reset. We realized that I incorrectly read and executed the procedure for Loss of Left PFD and ND. We then completed the QRH procedures for Loss of Right PFD/ND. With a total loss of both PFD/ND's we diverted for an uneventful overweight landing. I was not rushed; but I still read the wrong procedure. As a human factors issue my eyes only saw Loss of PFD/ND as listed first in sequence and did not distinguish left or right. Recommend the safety department review prior report data to see if there is a statistically significant amount of reports of pilots reading the wrong procedure and examine if there is a way to restructure the QRH accordingly. After arriving at the gate maintenance debriefed us that there was a large amount of water in the E/E (electrical engineering) compartment that was most likely the cause of the electrical problem.