Yeah, I did that to my last one. Didn't discover it until an hour or so later, and it was toast. Not even drying it out helped; a goner.

If you immediately fish it out before any water gets inside, take out the batteries instantly, and dry them off completely with whatever you have, and then dry everything, you might be able to salvage it. But once it shorts out due to water inside, it's not only toast, but also a potential fire/explosion hazard (due to the batteries).

Probably too late for that one, but any of you that should encounter this situation in the future, that's what you need to do. Remember, remove the batteries immediately, dry them as best you can, and put them someplace where they will not cause any damage if they explode or start on fire.

Cheers,
                               -- Arne