Saving electronics from water
I've saved quite a few electronic items for people in the past - a camera that someone dropped in a toilet and a wrist watch that fell into a bathtub come to mind off the top of my head.
Here's what I recommend if you are desperate to try and save something that got wet. Don't try to turn it on to see if it works!! Remove power cord, batteries, etc. (any power source). Contact a local analytical laboratory and ask if you can get some deionized water. You will want water with the highest resistivity (lowest conductivity) you can get. You will want a resistivity of at least 1,000,000 ohm-cm (a.k.a. 1 Mohm-cm, "M" standing for "mega" or "million"). Resistivity = 1/Conductivity by the way.
Many labs use >=18.0 Mohm-cm deionized water with 18.2 Mohm-cm being the theoretical maximum (at 25 degrees C). This is called "Type 1" water and it is what you want ideally.
You can pour this water directly onto your item, submerge the item in the water, rinse out cavities, etc. The idea is to remove any normal water that is inside your gear. By doing this you will be removing any ions (cations or anions) that could cause a short. If there is any other foreign material on the item, this is also the easiest way to get it off.
You will want to do this as soon as possible. Don't wait until the item is dry to do this. Evaporation will leave behind the impurities from the tap water (toilet water, river water, etc.). Residue left behind from evaporation could cause a short and will be difficult to remove by the above process if it "cakes" on the item.
Once you have rinsed the item thoroughly and are confident that everything has been removed, let it dry completely. Deionized water will not leave any residue behind. Reintroduce power and hopefully you are good to go.
Obviously this won't work if the item has already shorted. Like I said, though, I have resurrected quite a few different items that people were sure that were dead using this method. It is certainly worth a try if you were just going to pitch it in the garbage.