If electronics get wet, try to dry the outside as best as possible. Then immediately remove the battery and let it air out for at least 24 hrs. You can also try a hair dryer on the cool, low setting, but you might risk blowing more water inside. Once its dried out, hook up the battery and see if it works (crossing your fingers).
Now if it's salt water, forget it. That will fry and corrode anything in no time! Prevention is the best thing! Also, keep in mind that humidity can also do damage. Just going from an ac room to the outside over time will damage your stuff. Check out stores like Divers Direct. They sell these things called Moisture Munchers (basically little packs of silicon type stuff that will absorb moisture and turn from blue to pink. There was one in the battery compartment of my new underwater camera and it had turned pink). I also save those little packs of silicon/silica ??? that come in new electronic boxes and vitamins, etc and toss them in my camera bad. Not sure how well they work, but its worth a try!