Don't totally give up yet. With today’s modern printed circuit boards, you may well be able to just dry it out and it may (just may!) still work.

I saw an article in one of my paper magazines where they did some vigorous testing ending with total immersion. Anyway – they tested several cell phones and MP-3 players and some were dried out and still worked.

I would try figuring out a low heat source, maybe a hair dryer or something to suck the moisture out. The batteries are trashed, but everything else might work.

The other thing to do would be to swab it out with alcohol and then again a hair dryer….

Heck – what have you got to lose?