Pull the plug first too, but if liquid comes out I'd add one more check before trying to start it again: look at the engine oil and make sure the crankcase hasn't picked up gasoline. A leaking carb needle can fill the cylinder, and some of that fuel can get past the rings. If the oil level is mysteriously high or it smells strongly of gas, I'd change it before running the engine. Then with the plug out, turn it over by hand/pull cord first and see whether it moves normally. If it's still mechanically tight with the plug removed, then I'd start looking beyond compression release and hydrolock.