It is probably dead, but this is worth trying.
Dry it off as best as possible, then put it in a tupperware container or ziploc bag full of uncooked rice. Ignore it for a week or two, then take it out and see if it works (you may need to recharge it).
I agree with Queue. I'd change the rice after two days just to give it the best chance possible. Was it fresh water? If not, there's the issue of corrosive contaminants even if you do get it dry. Good luck and please post with an update.
© 2013 Jawbone.