Water damage, am I screwed?

I was out last night in the heaving rain with my Clip Zip and it suddenly turned off right when I was listening to it. I kept hitting the power button to turn it on, wouldn’t turn back on so I assumed it was water damage and I would have to dry it out, but then I heard what sounded like a fizzling noise from the player which probably meant I fried the battery. Should I let it dry out more or am I basically completely screwed? I already have another on order.

The 1st thing to remember if you think the inside electronics have gotten wet in ANY device is

DON’T try to turn it on!!!

If I were you, I would place the player in a bag of raw, dry rice to draw out any moisture and leave it alone for a few days to a week. Then, see if it will turn on. It may require a reset to do so, but DON’T try it until you’re sure it is dried out.