About a month ago I dropped my ipod video in the toilet. The toilet was, thankfully, clean, but the ipod was entirely immersed. And for then next several days, completely non-functional. It made some terrible noises for a while, too.
However, after a few days of just letting it dry out without any extra help, it sorted itself out and is now completely fine (after a firmware restore, of course). Patience, it turns out, really is a virtue.