I broke it!

I broke my sansa clip i got for my birthday in march, I accidentally dropped it in some shallow water but i got it out almost immediately. I FOOLISHLY tried to turn it on, the screen lit up and then went out. I then FOOLISHLY tried to charge it up. It remained broken up on a shelf for a coupla months. I tried to fix it, I took off the cover etc, and i have got it to turn on, but the programming got screwed, i cant access all the options and i cant upload any songs.

What i want to know is… can i send back my original sansa and pay for a cheater replacement? 

Can you reset it (Clip off, hold the on switch uppermost for 15-20 seconds); re-apply the firmware (it could have become corrupted over time)–see the sticky thread on firmware upgrade at the top of the forum; and/or reformat it, from the Clip’s settings (note:  this will erase your content on the Clip)?