。
She nearly drowned.
Literal
[topic-は] almost drown [about-to-ところだった].
おぼれる ('to drown, struggle in water') is written in kana here, though the kanji 溺れる is common in print. Beyond the literal sense, the verb extends metaphorically: 酒におぼれる (be a slave to drink), 恋におぼれる (be drowning in love) — the imagery of being submerged and unable to escape carries straight into emotional and behavioral excess. This sentence stays literal: another in the もう少しで...ところだった family of close-call anecdotes.