Well, I've been a quiet reader for a while now. But I actually have something worth contributing.
I had a similar incident with my iPaq h2215 (Pocket PC). What happened was I lost my TV remote and was using the Sony Nevo program as my remote and I had a 32oz cup almost filled with water. Well, I spilled the whole cup on the iPaq.
NEVER try to power on an electric device after getting it soaked. Sounds obvious, right? Well the person and I above both were impatient and wanted to see if it'll still work. Doing this can make it even worse by shorting the device out.
I ended up buying another h2215 on eBay. After a few months of not touching my damaged h2215, it powered on and it works fine now.
You probably don't want to wait that long... but it's better then shelling out $200 again. It will dry out a lot faster if you open it like everyone else has suggested though.